Microsoft Word - ECCU Creative Youth Competition Essay KAH

Realities for the Eastern Caribbean Currency Union Moving Towards a Cashless Society and the Opportunities and Challenges that may occur According to Dictionary.com , www.dictionary.com/browse/cashless-society. A cashless society may be defined as a society in which purchases of goods or services are made by credit card or Electronic funds transferrable rather than with cash or checks.’ The matter of a country thinking of moving towards a cashless society warrants discussion and as a result the concept of having a cashless society has been discussed widely, particularly because the world is experiencing an increasing use of electronic methods of recording, managing, and exchanging money in investment and also daily life in many parts of the world. Consequently, before one decides on making a society cashless there should be a discussion of the opportunities but also the challenges in relation to this being implemented. There has been discussion of the eastern Caribbean states and what it would be like if the society was cashless. A cashless society is an idea that has increasing support among senior figures in financial institutions, central banks and many of the governments in wealthy nations. According to Jessop, David “The Cashless Society and the Caribbean.” The Caribbean Council , 8 Mar. 2016, www.caribbean-council.org/cashless-society-caribbean/; the Caribbean or a country could start being a cashless society as they suggest that the process should begin “by first phasing out paper currency, starting with large-denomination bills.” Therefore since, the primary objective of the ECCB is to maintain the stability of the Eastern Caribbean Currency and the integrity of the banking system and there are

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