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ArticlesWhen digital currencies can replace cash
The‌ ‌economy‌ ‌is‌ ‌facing‌ ‌a‌ ‌dramatic‌ ‌change‌ ‌that‌ ‌will‌ ‌lead‌ ‌to‌ ‌the‌ ‌emergence‌ ‌of‌ ‌a‌ ‌cashless‌ ‌culture.‌ ‌ In‌ ‌the‌ ‌long‌ ‌term,‌ ‌commerce‌ ‌and‌ ‌finance‌ ‌will‌ ‌change‌ ‌profoundly,‌ ‌so‌ ‌a‌ ‌cashless‌ ‌economy‌ ‌will‌ ‌ come‌ ‌quickly.‌ ‌Cryptocurrencies‌ ‌and‌ ‌central‌ ‌bank‌ ‌digital‌ ‌currencies‌ ‌will‌ ‌be‌ ‌able‌ ‌to‌ ‌replace‌ ‌paper‌ ‌ money‌ ‌entirely.‌
Currently, central bank digital currencies (CBDC) are fully operational in ten countries around the world, including China.

However, most countries using CBDCs are developing countries with a low supply of banking services. For them, CBDCs are a breakthrough opportunity for the development of a national payment system. Moreover, CBDCs reduce an economy's dependence on cash and free the public from the uncertainty associated with it. During the pandemic, for example, people increasingly used electronic payments to reduce their risk of infection. Cash is also a common target for attackers.

In recent years, the proportion of central banks exploring the potential of digital currencies for domestic and cross-border payments has increased significantly. According to the Bank for International Settlements (BIS), 86%
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