This is a big topic, and a specialised one and there are many rather arcane points to be made. However the big picture is that consumers rather like digital money and are rushing towards it very quickly but central banks are not ready for it (yet). In Sweden, which is very ahead in the cash revolution, there is a cash protest movement (Kontant Upporet) and across the world there are various groups trying to argue that cash has all sorts of advantages.
In this lecture I look at those advantages which mostly turn out to be mythical. The key issue is that for a society to be cashless, the citizens need to have a bank account and the banking system has to have enough redundancy so that in the case of large scale hacking or systems failure we can still access our money. Many central banks seem to think that this redundancy and resiliance will happen as a reuslt of markey conditions. I doubt that. Resilience needs to be designed.