Canada introduces plastic cash
June 22nd, 2011 - 8:18 pm ICT by Aishwarya BhattToronto, Canada, June 22 (THAINDIAN NEWS) The Bank of Canada has announced that they will place in circulation new currency notes made of polymer by the end of 2013. The central bank announced that the new notes with enhanced features and durability offer several advantages over its predecessor.
When compared with the paper-based currencies, the polymer-based currencies can last up to four times the life span of the paper notes. The governor of Bank of Canada, Mark Carney, said that, “Safer, cheaper and greener; these new bank notes are a 21st-century achievement in which all Canadians can take pride and place their confidence.”
Canada will not be the first country to have the currencies in circulation. Australia and Bermuda are among about 30 countries that currently use the notes. In each of the countries, the instances of counterfeiting have gone down drastically.
Experts say the plastic notes are cheaper to make compared with the paper cash. Environmentalists are encouraging other nations to have the plastic notes because they have reduced negative effect on the environment when compared with the paper notes. The notes have several security features which make it almost impossible to duplicate.
The first polymer notes in Canada will be the $100 notes which will be put into circulation this November. The central bank will then gradually introduce the other notes until full circulation is achieved by the end of 2013.
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Tags: 21st century, australia, bank of canada, bermuda, canadians, circulation, confidence, currencies, currency, durability, environmentalists, governor of bank of canada, instances, life span, mark carney, polymer notes, predecessor, pride, security features, toronto canada