Cheese is a living thing that needs to breathe. Waxed paper or specialized cheese paper makes an ideal wrapping. If you must use plastic, be sure to use fresh wrap each time you re-wrap it. I store my cheese in a drawer in the refrigerator (or store it in a plastic storage container in the fridge).
Cheese absorbs flavors, so keep cheese away from other strongscented foods, such as onions or briny olives.