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Though there are infinite ways the future of money can evolve, Prasad predicts the combination of cryptocurrency, stablecoins, central bank digital currencies (CBDCs) and other digital payment systems will lead to the ?demise of [physical] cash.? However, he emphasizes that one technology alone won't overtake it.

It was predicted that paper money would be gone by 2020, however it wasn't until the 2030s that the growth of smart technologies and bio-technology implants made it possible to completely phase out the need to carry physical money anymore.

When a country introduces a new currency, normally only one institution--generally the central bank--is given authority to issue of the currency. This, in effect, gives the central bank the power to set either the quantity or the price of the currency.

A simple way to explain currency is like this: Currency is another word for money. In the UK, our money is called pound sterling. In other countries, money looks different and often has a different name.

What Is the Meaning of currency? Currency serves as a means of exchanging commodities and services. Money in the form of paper or coins, issued by a government and accepted at face value, is known as currency. In bartering, goods and services were exchanged directly for other goods and services .

How long is the lifespan of U.S. paper money? DenominationEstimated Lifespan*$16.6 years$54.7 years$105.3 years$207.8 years3 more rows ? 09-Mar-2020

A central bank controls a CBDC, whereas cryptocurrencies are almost always decentralized, meaning they can't be regulated by a single authority, such as a bank.