Yes, it seems pretty straightforward to reason about the consequences: Money becomes a liability rather than an asset. Individuals and entities will attempt t

Yes, it seems pretty straightforward to reason about the consequences: Money becomes a liability rather than an asset. Individuals and entities will attempt to exchange money for real assets, triggering a rapid devaluation. If that currency was widely used, it won't be anymore, no one will want it. Governments can and probably will try to force people to use it for a time but it won't work long term. Negative interest rates are basically just another way to print money. This devaluation has not only happened many times throughout history, I believe it has happened to every reserve currency used in the past.