Microsoft Word - ECCU Creative Youth Competition Essay KAH

Central Bank cannot go forward adopting digital currencies without considering these challenges. The world has evolved from barter to cash to online banking. Money has been an evolving technology that has been part of human history for years. Therefore, if one decides to change over to a cashless society, problems may arise. As stated by Marria, Vishal. “What A Cashless Society Could Mean For The Future.” Forbes , Forbes Magazine, 21 Dec. 2018, www.forbes.com/sites/vishalmarria/2018/12/21/what-a-cashless-society could-mean-for-the-future/. “A recent report from Access to Cash warns that going cashless too soon could mean millions of people are financially excluded and at risk of exploitation. This emphasizes the need for banks, governments and FinTech companies to work together to ensure that the most vulnerable, the underbanked and the elderly are protected, and that the transition to a cashless society is as smooth as possible.” Also, according to Lin, Melissa. “Is a Cashless Society the New Reality?” Toptal Engineering Blog , www.toptal.com/finance/market-research-analysts/cashless-society-new-reality, Cashless economy cons include “potential violation of privacy, increased risk of large scale personal and national security breaches, and technology-dependent financial inclusion.” Therefore, when digital transactions are easily tracked and recorded this raises the concern about surveillance and who has access to these data trails. This may bring up the worries that the rich may be better equipped to buy themselves privacy, while the average person with a traditional bank account receives no anonymity and so their records may be easily accessed. Additionally, if a cashless less society was supposed to come in play and payments move online, the increased risk of crimes such as identity theft, account takeover, fraudulent transactions and data breaches will be harder to control. Another problem that may occur within the Eastern Caribbean Currency Union with a cashless system, is that relying on modern technology may be a bad idea since

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