For along time now, many governments in the world have been pushing to get rid of physical currencies. For example in 2016 the European Central Bank stopped producing 500€ notes.

The European Central Bank (ECB) even suggested that the U.S stop minting the 100$ bill.

But why? The ECB claims that the reason they made such a move is because they wanted to make a impact on fraud, crime, terrorism, and money laundering. 500€ notes are very popular to criminals according to the ECB.

But was this just a step towards a battle against physical cash? We will see in the near future. But will eliminating physical currencies really going to put a positive impact towards crime?

No, not at all. Crypto is already used by criminals and eliminating big cash notes will only damage the economy. Truth is it's not really going to impact crime and terrorism at all and not even close to stopping it. Banks, Governments, and powers that be want more control, if they didn't have enough already.

So will cash get replaced in the future?

Most likely it will. It's not something very many people want to happen and I hope cash stays around as long as possible.

Seems to me the banks and governments REALLY want to make sure they know where all the money goes in the world, and want every transaction recorded.

They don't want people avoiding paying taxes. They probably want to make sure they can profit from every transaction and make us pay more fees. They also want to eliminate illegal transactions crime related.

Cash itself doesn't leave too much of a trail but Cryptocurrencies on the blockchain can be traced with ease. But for now cash will still hold its place as a currency. We will see what the future holds.