Microsoft Word - ECCU Creative Youth Competition Essay KAH

Towards a Cashless Society: challenges, opportunities and the realities for the Eastern Caribbean Currency Union

On January 16 th , Ignatius JnBaptiste, a St. Lucian bus operator, was shot three

times in the leg by masked gunmen. Merely walking home after parking his

vehicle, he was robbed of his days’ earnings of $900. This unfortunate occurrence

reignited the discussion of the implementation of a cashless system for the Gros

Islet Bus Owners Association. The debate surrounding the viability of a cashless

society is one which has gained increasing traction in recent years — both in the

Eastern Caribbean and the world at large.

Comprehending the concept of a cashless society is integral to understanding the

reason for this debate. A cashless society is one in which the use of physical cash

and cheques is abandoned in exchange for the sole utilization of technological

infrastructures. Many countries have made efforts to replace traditional antiquated

monetary systems with more modern systems complementary to the technological

advances made in recent years. A prime example is Sweden where a myriad of

stores and restaurants no longer accept cash.

This economic concept offers the possibility of creating a myriad of benefits. It

goes without saying, however, that as with any substantial change there are those

who resist this idea, warning of the consequences of undertaking such a major

economic transition. A more in-depth exploration of this concept gives rise to the

realization that it generates both advantages and disadvantages.

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