Posts Tagged ‘david wolman’

David Wolman: Dumping Physical Currency

Posted by admin on Tuesday, September 11, 2012

David Wolman Money Quote saying we’ve watched a half dozen industries move from physical to data and money is moving toward epayments. David Wolman said:
 
Physical currency is a bulky, germ-smeared, carbon-intensive, expensive medium of exchange. Let's dump it Quote
 

“Physical currency is a bulky, germ-smeared, carbon-intensive, expensive medium of exchange. Let’s dump it” — David Wolman

 

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In this quote, David Wolman is advocating for moving away from physical cash or currency and toward digital forms of money.

He argues that paper bills and coins are bulky to carry and store large amounts of, can spread germs as they pass from person to person, require significant resources to produce and transport which contributes to carbon emissions and environmental impact, and are expensive for banks and governments to manage.

Wolman believes the drawbacks and costs of physical currency outweigh its benefits, and that societies would be better served adopting digital payment methods instead of using cash. Overall, the quote expresses the view that paper money should be phased out due to various problems associated with its physical form.

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