Microsoft Word - ECCU Creative Youth Competition Essay KAH

Another important reality is the vulnerability of technology to failure. Technology tends to be

subject to glitches and outages. Suppose an outage occurs and people are unable to conduct

transactions? This region is already prone to natural disasters which leave islands powerless for

weeks and ‘…our islands are so small, even a little hazard can create a lot of destruct ion ’

(CDEMA, 2010). If all transactions were digital, economies would need to regard this risk.

A cashless society, although supposedly inevitable, has challenges, opportunities and

realities for the ECCU. Challenges involve marginalizing some members of society, the lack of

necessary technology, and even security concerns. The opportunities, in contrast, involve

increased financial security and highly important; economic growth. In reality though, it is

difficult for the ECCU to go completely cashless and technology is not completely reliable due

to our geographical location and sizes.

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