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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