Microsoft Word - ECCU Creative Youth Competition Essay KAH

Firstly, with the description of the aforementioned incident—indicative of the high

rates of crime in the Eastern Caribbean— it is clear that one of the prime

advantages of a cashless society would be the reduction of the risk inherent with the

carriage of physical cash. With a cashless system, all money is stored in online

banks which means that a person is no longer susceptible to physical assault at the

hands of robbers and muggers.

Another salient advantage of the transition to a cashless society would be the

reduced occurrence of monetary crimes such as counterfeiting, bribery, money

laundering and tax evasion - for which the Eastern Caribbean is receiving increased

scrutiny. The presence of physical cash helps to facilitate such offences due to its

anonymity and lack of traceability. Conversely, cashless transactions possess digital

footprints that make them more difficult to be concealed.

Thirdly, the reduced need for physical cash management is another benefit of a

cashless society. Production, transport and storage of cash would no longer be

necessary. Money-eating and time-consuming infrastructures and services such as

these would be eradicated with the advent of a cashless society. Resource scarce

Eastern Caribbean governments could then utilize this money for vital economic

and social development programmes.

Additionally, international payments would become less of an inconvenience. When

visiting other nations, travelers often have to buy the local currency. Particularly in

the wider Caribbean, where there are a number of islands with varying currencies,

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