Federal lawmakers concerned about how the cashless economy could affect minorities and underserved communities – FOX23 News
More and more companies are turning to cashless payment options and some have even stopped accepting cash altogether.
But Congressmen worry about who might be left behind in this digital transition.
Some researchers say the pandemic has accelerated this cashless economy dramatically as more people shop online and banks have also closed.
Some financial advisors said that around 7 million Americans are out of bank accounts, meaning they are out of bank accounts with many of them black and Hispanic households, as well as the homeless.
Legislature says a state requirement for businesses to use cash may not be the right solution as it could harm businesses, especially new ones.
One expert said that there are increased risks associated with using cash, such as: B. the need for more security in and around companies.
On the other hand, there is concern that the transition to a cashless economy could exacerbate disparities, especially in places with food insecurity.
“The idea that you can’t use cash, legal tender for groceries, for yourself and your family is absolutely devastating. We are talking about people who want to pay for what they need, they are not asking for it for free and not being able to use your money is a form of economic exclusion and, as Mrs Waters said, their economic discrimination and exclusion ”, Norma Garcia, Policy Advisor and Director of the Mission Economic Development Agency.
Legislators say that as you transition to a digital economy, there are also privacy concerns, including better protecting your online information.
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