– why do we need physical dollars and coins? Wouldn’t it be cheaper for the system as a whole to have the dollar be an entirely digital currency and wouldn’t this be better on the environment?
In: Economics
Hypothetically, in a perfect world, there is no reason why we *need* physical currency. We have the technology, the hardware and software. A country that puts it mind to it could certainly do it. By logistically, it’s a nightmare right now. Not everyone has a bank or cell phone, not everyone is mental prepared for Vinmo. Plus, have you ever had a credit card machine go down when you’re trying to buy something and don’t have cash on you?
I have no doubt that one day we will live in a world of digital currency, but probably not today. No one wants to put the work in to make that change.
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