I know a number of countries have spoke on this and the US is currently looking to start a reserve on the blockchain. I have no issue with these things for larger sums of money as a security measure but I am not sure I am comfortable with outright getting rid of all forms of physical money. It can easily become a weapon against people in the worst possible ways if the world were to be suddenly led by dictators. Maybe I just watch too many movies and it isn't that big of a deal? Let's discuss!
If it deals with the blockchain, it would be way more secure and way more transparent. For example, everything the government spends money on can be tracked and we can view it.
The downsides are a bit too much of a risk for me though.
Cybersecurity threats will grow as people in other countries will try and hack the system. We would be vastly more dependent on technology, what happens without internet or power for example? There are also privacy concerns and the major risk of this sort of economy being completely controlled by evil people.
@jasonb This is kind of what I was getting at. We would be so reliant on technology and this can be used to abuse people and get people to be compliant without laws. I think about how Covid-19 was handled and that really opened my eyes to the reality of government corruption and manipulation on a large scale.
I like the idea of better security but not at the compromise of privacy. This is where the water gets muddied for individuals and things can get too controlled. If we have only digital currencies, it would likely remove some threats but increase others which would result in more problems than solutions. Just my take on it.