I remember that this happened in Russia when sanctions started there - initially there were cash shortages and people used whatever they could find.
If I look at African countries where cards either don’t work or there is an exchange problem they use cash and barter mainly.
Good thought experiment though. What are your thoughts on it?
Most of the western world only use physical cards or digital card via smart phone now for most of their payments.
It’s rare to see cash notes nowadays. Mainly just homeless and old people use cash in stores.
I imagine most people have their money stored in digital bank accounts and only way to get cash is if they go to a ATM or local banking branch.
If cards suddenly stopped working and everyone would rush to their local banking branch as beg to convert their money to cash notes. But the banks will close shop during such a crisis.
Leaving hundreds of millions of people unable to buy or sell bc they unable to use their cards for payments.
Government obviously won’t let a good crisis go to waste by bring in more reliable CBDCs as the solution to outdated credit card payments.
