#FridayFact: 92 per cent of the world’s currency is digital

various-currencies

It is mad to think, but most of the money you earn and spend exists only on computers and hard drives. Only an estimated 8 per cent of currency in the world is actual physical money.

This is a fair estimate that economists seem to think is right, but not an exact figure. The low percentage seems crazy but when you stop to think, it makes sense considering that most spending is done electronically nowadays, mainly through online shopping.

Banks also store electronic money and the 92 per cent includes all kinds of transactions done using credit/debit cards and wire transfers. Might be a good idea to revisit all those hacker movies where a nerdy computer hacker manages to siphon billions off in just a few minutes.

Ref: http://economictimes.indiatimes.com

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