Should we get rid of paper money?

 “Should we get rid of paper money?” is a question that a lot of people have been asking. If we did decide to replace paper money, there would be a lot of pros and cons.

These days a lot of people already shop online. They use money directly from their bank accounts to pay for these things. We also use our bank accounts for our credit and debit cards. Susan Crawford, a technology expert at Harvard University says, "Within ten years, cash will seem old-fashioned." This quote means that paper money is outdated now that we have other forms of payment.

A lot of countries in the world have gone cashless, such as Sweden. Sweden is going to be the first country to go completely cashless by 2023. In 2023 paper money will not be accepted at any stores. Although there are many great things about going cashless, there is also a lot of bad things. Paper money is very germy. It has more germs than a toilet seat! Money gets passed around daily no one knows where it has been. Cash is touched by many people.   

   If we got rid of paper money, we would have to rely on technology to house our money. We could run into a lot of dilemmas with this! What if our accounts got hacked? That could cause significant problems. Some stores may not have the technology we would need to use to buy things. They could not have enough money to buy the technology. Maybe they simply don't have access to it. 

As I said, there is a lot of reasons why we should and why we shouldn't get rid of paper money. What do you think?



Work Cited

Carro, Mackenzie. “Should We Get Rid of Paper Money?” Scope.scholastic.com, Feb. 2021, scope.scholastic.com/issues/2020-21/020121/should-we-get-rid-of-paper-money.html. Accessed 5 Feb. 2021.

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