Law to Mandate Accepting Cash

Around 80% of transactions in Scotland are via digital methods such as cards and mobile phones.

A 2022 Westminster Parliament report stated:

In 2009, 56% of transactions were in cash, but today cash payments represent only 17% of all transactions. Despite this, cash remains the second most frequently used form of payment, second only to debit cards. Currently, 5.4 million people, or about 10% of adults in the UK, are reliant on cash. In Scotland, approximately 500,000 people are reliant on cash.

[ UK Parliament, "Access to cash in Scotland – Report Summary", 11 July 2022. publications.parliament.uk/pa/cm5803/cmselect/cmscotaf/80/summary.html ]

However, we need to keep the infrastructure of cash payments functioning! Without it, we would become wholly dependent upon the owners of the credit and debit card facilities, and the owners of the means of digital payments. They could, and do, switch us off if they're not happy with us.

Furthermore, the cashisfreedom.uk website points out that:

"Paying with cash all the time keeps the infrastructure and jobs in place to service it – bank cashiers, ATMs, ATM build and maintenance, cash tills and transport, security guards, and everyone involved in producing, transporting and dealing with cash. Once this is gone it won't be coming back, so keep it alive and give them no excuse to go 'all-digital'."

Some businesses might understandably object that "handling cash" is an expense in itself these days.

However, if we "get rid of" cash, it means that the only means of payment will be through electronic methods, which ensures that the owners of these means of payment (the banks and financial companies) will be free to set the fee on each transaction to whatever amount they want. Costs will inevitably rise!

Danger of Digital Currencies

Cashisfreedom.uk produces leaflets which point out that reliance upon a Central Bank Digital Currency could mean that the bank could:

"1. Limit where, when and what you can spend your money on.

2. Monitor and record every transaction you make

3. Take fines, taxes and charges automatically, without appeal.

4. Give your money an expiry date, so savings won't be possible.

5. Link your wallet to a carbon allowance and social credit score.

6. Freeze your account so you are unable to buy or sell anything."

We must protect cash payments.

Here's another reason:

Many people, especially low-income people, need to operate in the cash-only economy just to survive. Even if they have electronic accounts, they do not want to "dip into it" if they can help it, because they see that as "savings".

Secondly, holding cash enables people to continue to make vital purchases if there is a temporary glitch in the electronic system which prevents you using your card; or in the worst case, where your account is deliberately frozen.

And as we examine in our Policy for Publicly-Created Money the more cash that's put into circulation by the British Central Bank, then the more debt-free profit accrues to the Treasury, which can then be spent into society.