by Marvin Dumont
Paper cash is dirty. The coronavirus pandemic is showing the public-health benefits of using cryptocurrencies and electronic money.
According to Federal Reserve, dollar banknotes are used in circulation for up to 15 years, giving it much time to accumulate germs, bacteria and other risky substances. So when you’re paying at the groceries or gas station, it helps from a safety standpoint to go cashless.
Since February, China has been sanitizing and destroying yuan banknotes to prevent the spread of COVID-19.
Other governments have followed suit. For example, the U.S. Federal Reserve has been quarantining dollars repatriated from Europe and Asia before recirculating them. Meanwhile, South Korea’s central bank has been removing or destroying cash from circulation, as a precaution.
According to a March 16 CNBC report:
… the Fed increased the minimum holding period for bills coming from Asia and Europe to the U.S. to a 10-day minimum. The previous minimum was five days.
When handling cash, it’s important to wash your hands and use an alcohol sanitizer. According to Jodie Kelley, CEO of the Electronic Transactions Association, in a March CNBC interview:
Contactless payments have come up as a new option for consumers who are much more conscious of what they touch.
Apollo Fintech is developing world-shaping fintech solutions for a global economy. Its product categories include Government Solutions, Commercial Products and Consumer Products. Apollo Fintech’s new platforms and tools include National Currency System, Tax System, Commodity Exchange, Mineral Claims System, Government Bank Platform, White Label Payment System, Bank Network, Knox Exchange, DEX, Apollo Cash and Apollo Currency.