- Personal Finance
The End Of Paper Money?
This year Canada will be yet another country the has opted to have their banknotes made of a polymer instead of paper. The new polymer money with new security features will make it almost impossible to counterfeit. When I first became aware of it I thought I was seeing a new standard by which the world would follow however upon reading further about it I have discovered the there are many countries using banknotes made of polymer material.
Beginning in 1988 Australia polymer based money began being used, over time many different forms of security have been added to the banknotes to prevent conterfeiting in each country where they are used. Besides the conventional security features added to current peper money (those sometimes very complex) the new polymer banknotes also incorporate.
The new polymer money will incorporate an OVD (optical variable device) which is an intricate hologram which is almost impossible to counterfeit. Also the banknotes will be made to resist folding and wear as well as be water proof and washing machine proof. So if you do accidently leave your wallet in your pair of pants and it goes through the was you won't end up pulling your hair out thinking that hundred dollar bill has been reduced to a wet paper wad.
Overall I support this new innovation. I would say there are nothing but good things to come from polymer banknotes. Over the past several years with many things online and through cell phones electronic transactions have been on the rise and probably continue to do so. But if you still deal in cash as many banks, stores, businesses do this will certainly make your lives a whole lot easier.