Canada will be done releasing plastic cash by the end of 2013, according to the Bank of Canada. It was announced by the central bank that money made of polymer will begin to be circulated in roughly two years because of the advantages it has over paper. Mark Carney, the governor of Bank of Canada said, “Safer, cheaper and greener; these new bank notes are a 21st-century achievement in which all Canadians can take pride and place their confidence.”
Many experts note that plastic money is actually cheaper to make compared to its predecessor, and many environmentalists are actually for going this route because of the negative effects paper money has on the environment. Not only that, but another advantage of having plastic versus paper is that it would be virtually impossible to counterfeit, like paper is, although the latter has been reduced in recent years.
Canada will not be the first nation to introduce plastic as their currency as Australia, Bermuda and about 30 other countries are currently using it, and all those nations, instances of counterfeiting has gone down drastically since their introduction. The plastic money will be initially released in $100 notes starting this November and then more will be introduced until the end of 2013.