Foreign Affairs Minister Fred Mitchell.
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.”
Comments
ThisIsOurs 9 months ago
"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.”
Customs App??? Dand dollar??? When all these protests happen that even the PM was powerless to slow down? Some Minister, still in dispute as to which one, was able to bypass all kinds of immigration laws for 62 suspected illegally residing Chinese immigrants, maybe ask them what to do to get civil servants to put aside rules
ThisIsOurs 9 months ago
Been saying for months and all during the "cashless" craze, that when I hear business owners use the term, two things are true, they dont understand their market and they dont understand how innovation works
bcitizen 9 months ago
Cashless society is dangerous on so many levels. Anyone who has been through a natural disaster like a hurricane etc. where the power is out, internet is out, cell phones not working know that for the days after and in some cases weeks or months that cash is king. Any kind of digital online banking does not work because it is not accessible. Cashless is so stupid and makes us so vulnerable for many reasons including personal freedom. Not to mention the banks make no money off a cash transaction and what 3-4 percent off of every cashless transaction? Is it any wonder the banks want this, where it costs them nothing and the computer does the work and they reap the rewards? It is almost like paying interest to buy something.
GodSpeed 9 months ago
A cashless society will be the end of what's left of freedom for humanity.
Socrates 9 months ago
I have to agree with Mitchell. We aren’t ready and there is no need to make this such a priority. It’s more monkey see, monkey do.
Same thing with only large bills at ATMs. We all know the cost of living is out of control but I still go too many places to buy something for $6.00, give them a $100 bill just to have them say sorry, can’t change that.
hrysippus 9 months ago
A cashless.society will be great. No more armed robbers at the ATM's. No more purses and hadbags getting stolen more cash bribes.to government employees and record og the corript earnings of politicians.
killemwitdakno 9 months ago
*mostly cashless
No more required ATM runs for a store mid-purchase. Less germs.
Better accounting. Subscriptions now constitute credit.
stillwaters 9 months ago
This will never happen in the Bahamas. Far too many extremely poor people with no means to even open a bank account for this 'dream' to become a reality.
killemwitdakno 9 months ago
Apps with cash loading places don't require a bank account.
TalRussell 9 months ago
.. 'Comrades, my annotated analysis says.' --- You shouldn't be tricked into believing its not the 'central government's', relentless push that's leading charge for ''$90 out every $100' spent on purchases across all the colony's 1200 out islands, cays, towns and settlements --- To make up 'cashless' colony'** as we approach year 2031, --- Yes?
TalRussell 9 months ago
.... Comrades, my annotated analysis points to why. --- You shouldn't be suckered into believing that its not your own 'central government's,' relentless push that's leading charge for '$90 out every $100' spent on purchases across all the colony's 1200 out islands, cays, towns and settlements --- To make up 'cashless' colony' as we approach year 2028, --- Yes?
becks 9 months ago
I often disagree with this man but not today. One just has to look at how the Canadian government was able, via the banks ability to close and freeze to totally impoverish hundreds of people and businesses with just a push of a button. These people and businesses were unable to buy food, medecine, pay bills or utilities, buy clothes for their children or even access their own cash for weeks and even months.
TalRussell 9 months ago
@ComradeBecks, why leave out what led to the Canadian government. lawfully going after the bank accounts of those in which the Canadian courts have upheld in favour of the authorities power to freeze the finances of the people involved, --- Yes?
ExposedU2C 9 months ago
LMAO
ExposedU2C 9 months ago
Poor Tribune....
Baha10 9 months ago
Maybe it is a “new” Day … Mitchell finally talking sense!
ohdrap4 9 months ago
Do not blame businesses . Go after the central bank which is eliminating cheques next year. I do not see a single business in favor of eliminating cheques.
killemwitdakno 9 months ago
Without cash, you will definitely need checks at times. Especially in the event of a storm.
TalRussell 9 months ago
I'm thinking aloud for first time that we need to begin to establish ' ---- the --- 'Beginning of Positive Thinking' --- in each of the colony's '39 electoral constituencies'' --- As how enjoined comrades together --- 'From teenagers to seniors', -- 'Native and immigrant;' ---- Can 'move beyond by becoming --- 'visibly positive' --- of saving a colony of 1200 out islands, cays, towns and settlements. --- Yes?
TalRussell 9 months ago
... 'Good news for popoulaces' --- wishing to avoid an examination as to their creditworthiness, will be able open a 'checkless account'--- by bypassing a credit history check. --- Aren't there currently local business houses that have taken on the role of 'Banker;' ---- Yes?
ThisIsOurs 9 months ago
Criminals go where the money is. If there's no ATM, they'll get it in the cloud. Eliminate one risk take on another. The first place where the local cashless marketing goes wrong is when its assumed it removes ALL risk. It simply converts risk.
A year ago the Central Bank was the main proponent for the cashless trend with major "cashless" marketing behind the food festival. When the payments options bombed they started backtracking, which was a good thing, if something doesnt work, pivot.
The major difference between our society and Chinese society and US society is mass. Those societies also have their rural sectors that aren't tech forward, but the tech forward sectors are so massive it makes sense to make the major cities cashless or near cashless, the uptake is still huge. Not gonna happen here, "soon", "by choice". But in Armageddon (and recently lockdowns) cashless will be king. I had this not ready for payment provider takeover conversation with someone 10 years ago, it was obvious.
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