Reports that Covid-19 could be transmitted by handling cash gave people another reason to steer clear of paper money
Four years ago, Kenneth Rogoff, a former chief economist of the International Monetary Fund, made a powerful case for phasing out paper money. In his book The Curse of Cash, Rogoff argued that much paper money, especially high-denomination banknotes, facilitated tax evasion and fuelled the drug trade – all the way down the supply chain: a British study in 1999 found that only four of 500 notes tested in London had no traces of cocaine.
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