Attorney: Cash on its way out
A compliance consultant in the financial sector is predicting that cash could soon become obsolete as more people opt to use credit and debit cards.
Attorney-at-law Guyson Mayers said that based on his experience, cash was on its way out, given the problems associated with it.
“You may or may not know that in the not too distant future there may be nothing called cash. Cash is problematic for too many people,” he said.
Relating a story of how he “not too long ago” went to the United States to pay for a course with cash and the people there were surprised, Mayers said he believed as more people tried to protect themselves against financial crimes, cash could become something of the past.
“Cash can be counterfeited and there are millions of dollars in counterfeit money that circulate every day. Cash can be stolen . . . and there are many other reasons that people would now ensure they use plastic as opposed to cash . . . . I think the only reason we haven’t gone completely cashless yet is because there are still some places in the world that still use cash heavily. Some of them are places that we still interact with and do business with; but cash is problematic,” Mayers said.
He made the comments as he was addressing the Third Annual Barbados Investment & Financial Products Showcase at the Central Bank of Barbados.
In a separate interview, chief executive officer of bitt.com, Gabriel Abed, told Barbados TODAY that as the Internet and technology became a part of everyday life, he believed digital currencies would one day stand side by side with legally traded currencies.
In fact, Abed said, digital currency was already gaining momentum around the world.
“This currency that we use today wasn’t built for an Internet era, but we live in one and we need a solution for that; one that doesn’t go through the slow expensive process that we face today,” he said.