Bank of Canada is concerned about cashless economy

TORONTO -- Even before the COVID-19 pandemic, consumers had been increasingly using forms of cashless payment such as credit and debit cards, e-transfers and their smartphones to pay for products.

But now some stores are saying they only want to accept contactless payments in an effort to stop the spread of the novel coronavirus.

That has prompted the Bank of Canada to weigh in on the trend, and issue guidance on paying with cash, which they say poses no greater risk than touching a doorknob or handrail.

"The Bank strongly advocates that retailers continue to accept cash to ensure Canadians have access to the goods and services they need,” the Crown Corporation said in a statement.

The Bank of Canada added that refusing cash purchases will put an undue burden on those with limited payment options.

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The cashless society from an ethical point of view

The debate about the move towards a cashless society has been at the center of the scene for several years, now. Various angles have been taken by economists, politicians, banking institutions and sociologists. Beyond the technicalities of the debate, lies the question of freedom, of inter-citizen solidarity and of governmental responsibility. The debate cannot remain in the hands of financial specialists, it is first and foremost an ethical, political and societal issue.

The cashless society from an ethical point of view

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