Nonetheless, if the central bank abolishes cash, which is widely used, it would make payment and settlement infrastructures inconvenient. Moreover, cash has its own resiliency as a payment instrument, since it does not rely on the electricity supply. Indeed, cash was effectively used even during the large-scale blackout on the island of Hokkaido which was caused by the earthquake in September.
Since the central bank's duty is to contribute to economic society by providing efficient infrastructure for payments and settlements, abolition of cash at this stage is not an option. Also, the central bank needs to carefully consider the possible impacts of central bank digital currencies on financial stability and financial intermediation, especially if they could substitute for not only cash but also bank deposits.