THE CASHLESS SOCIETY IS A NO NO

Fred Mitchell, Chairman of the PLP, returned to the theme of the cashless society.  This report appeared in The Tribune. You can watch the original on You Tube:

18 August 2023

By JADE RUSSELL

Tribune Staff Reporter

jrussell@tribunemedia.net

FOREIGN Affairs Minister Fred Mitchell said Friday he does not agree with the country being a “cashless society.”

 “I get floods of emails and voice notes every day about the banking sector that demand that we become a cashless society,” Mr Mitchell said in a voice note.

 “This is done despite the Prime Minister and other ministers, including this one, who’ve said over again and made a claim we do not agree with a cashless society. Nor forcing people to use the Customs App, nor consigning our folk in the Family Islands to the Sand Dollar.”

A cashless society is one where physical money such as cash and coins are not accepted for financial transactions, but rather all transactions are digital.

Mr Mitchell said there is a “relentless march” by businesses to have a cashless society.

 “Everywhere you go, including government-owned entities, there is this relentless march to a cashless society. Even though given the Central Bank Act it is almost certainly unlawful since Bahamian currency is supposed to be good for all lawful debts. The public is again entitled to ask the question if the tail is wagging the dog,” he said.

Meanwhile, Mr Mitchell said there are other issues to address before considering whether the country should be a cashless society.

 “Take the issue of the telephone and data services in the country they are manifestly unreliable. This in the same society that folks want us to go cashless. The folk in Mangrove Cay complained that their BTC service has been down for three weeks, complained to BTC, complained to URCA, the MP complained, nothing happened.”