Jamaica

No Plans For A Cashless Jamaica

Prime Minister, the Most Hon. Andrew Holness, says there is no attempt from the Government to remove cash from the system or to create a cashless mandate for Jamaicans.

Speaking recently at a digital transformation forum of the Inter-American Development Bank (IDB), Mr. Holness said that citizens will be able to choose whether they participate in the ongoing digital transformation.

“There is no mandate to be cashless. Just be rational – why would the Government spend billions of dollars to change currency to a new durable bank note that we don’t have to change ever so often, only to turn around and take it out of the system,” the Prime Minister reasoned.

He said Jamaicans must responsibly consume information and reminded that “as your Prime Minister, I have a duty to call it out when I see it.”

“We have spent money to put in place a new, durable note that accounts for the inflation in the society [and] the convenience of the notes that you need to make payment, and then to just turn around and say ‘no’?” Mr. Holness continued.

He added that while there are concerns about digital currencies, investments continue to be made both in the technology and the currencies themselves and pointed out that some of the threats that exist in digital currency are those that also exist in cash.

Source — JIS

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Readers Bureau, Contributor

 Edited by Jesus Chan

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