Some countries (e.g. Sweden and Denmark) plan to abolish physical cash in the future and restrict the use of cash to electronical deposits. One of the reasons for this is to prevent hoarding / boost spending of money, which could be achieved by introducing negative interest rates on deposits far below zero.
However, as far as I know, in times of hyperinflation, people resorted to substitute currencies (either foreign currencies or commodities like cigarettes). Wouldn't the same happen if cash was abolished?
For example, suppose the bank charges 20% or more on deposits and you can't withdraw your money in cash (since there is no cash), and you don't want to buy stocks or property for some reason (it's risky or hard to liquidate) and suppose other people have the same problems. Wouldn't it be reasonable then to create and use some alternative currency, like cigarettes or maybe a local currency, which you can store physically?