As digital payments become the norm, Canada should enact legislation safeguarding cash acceptance, securing its role in helping protect vulnerable communities
This article highlights one of the most important characteristics of cash, namely the independence and power of its holder. As it applies to domestic abuse it is indeed a safe haven, but everyone may see circumstances where they benefit from a store of cash and as such we should resist the push of Financial institutions to make it obsolete.
A point I often make is that there is no fee to spend a loonie yet every digital Financial transaction carries one, payable to the particular institution. Funny that they are trying to make cash obsolete, no?
To play devils advocate, cash also enables crime. Cash is almost untraceable, therefore it makes it much easier to avoid taxation or launder the proceeds of crime. One way to address that is specifically the solution the author is against, making all transactions digital.
This article highlights one of the most important characteristics of cash, namely the independence and power of its holder. As it applies to domestic abuse it is indeed a safe haven, but everyone may see circumstances where they benefit from a store of cash and as such we should resist the push of Financial institutions to make it obsolete.
A point I often make is that there is no fee to spend a loonie yet every digital Financial transaction carries one, payable to the particular institution. Funny that they are trying to make cash obsolete, no?
To play devils advocate, cash also enables crime. Cash is almost untraceable, therefore it makes it much easier to avoid taxation or launder the proceeds of crime. One way to address that is specifically the solution the author is against, making all transactions digital.