"This paper explores the costs and benefits to phasing out paper currency beginning with large-denomination notes, later extending to all but small coins and bills, and eventually those as well........
........given the role of paper currency (especially large-denomination notes) in facilitating tax evasion and illegal activity, and given the persistent and perhaps recurring problem of the zero bound on nominal interest rates, it is appropriate to consider the costs and benefits to a more proactive strategy for phasing out the use of paper currency."
http://scholar.harvard.edu/files/rogoff/files/c13431.pdf
.....maybe same will be applied to Australia in not too distant future?
what do you think?
