Agenda item

Consider motion by Councillor Anderson in the following terms:-

“The Scottish Borders Council recognizes the ongoing transition towards a cashless society, primarily driven by Central Bank Digital Currencies (CBDCs). This motion aims to address the social and financial implications associated with this transition. One major concern is the potential exacerbation of revenue inequality and the digital divide. It is crucial to ensure that vulnerable populations have equal access to digital financial services to prevent marginalization. Therefore, the Scottish Borders Council urges the UK Government to take necessary measures to mitigate these concerns and ensure a fair and inclusive transition to digital currency with the retention of cash based finances.

1. Acknowledging the Transition: The Scottish Borders Council acknowledges the ongoing transition towards a cashless society, primarily driven by the introduction of Central Bank Digital Currencies (CBDCs). SBC acknowledges the removal of cash will have a detrimental effect on our rural population.

2. Social and Financial Implications: Recognizing that the transition towards a cashless society has social and financial implications, including concerns related to revenue inequality and the digital divide.

3. Exacerbation of Revenue Inequality: The Council expresses concern that the transition towards a cashless society may exacerbate revenue inequality, as vulnerable populations may face difficulties in accessing and utilizing digital financial services. Which shows a need for cash based finances in rural areas.

4. Digital Divide: The Council acknowledges the potential for a digital divide to widen as a result of the transition towards a cashless society. It emphasizes the importance of ensuring equal access to digital monetary services for all individuals, regardless of their socioeconomic status.

5. Preventing Marginalization: The Council emphasizes the need to prevent the marginalization of vulnerable populations during the transition towards a cashless society. It highlights the importance of providing adequate support and resources to ensure equal access and inclusion. The CBDC must be an addition to cash not a replacement to prevent marginalisation.

6. UK Government Action: The Scottish Borders Council urges the UK Government to take necessary measures to address the social and financial implications associated with the transition towards a cashless society. This includes implementing policies and initiatives that promote equal access to digital financial services and mitigate the potential exacerbation of revenue inequality and the digital divide.

7. Collaboration and Consultation: The Council encourages the UK Government to collaborate with relevant stakeholders, including local authorities, financial institutions, and community organizations, to ensure a comprehensive and inclusive approach to the transition to a cash and CBDC society.

8. Reporting and Monitoring: The Council requests that the UK Government provide regular updates and reports on the progress made in addressing the social and financial implications of the transition towards a cash and CDBC society. This will enable transparency and accountability in the decision-making process.

9. Dissemination of Information: The Council emphasizes the importance of raising awareness among the public about the transition towards a cashless society and its potential Negative impact. It encourages the UK Government to engage in public participation events to ensure that individuals are given the chance to have their say and prepared for the changes ahead.

10. Adoption and Implementation: The Scottish Borders Council calls upon all relevant authorities and stakeholders to adopt and implement the necessary measures to address the social and financial implications of the transition towards a cashless society, in line with the principles of equality, inclusivity, and social justice.

By passing this motion, the Scottish Borders Council aims to contribute to a fair and inclusive transition towards a cash and digital currency-based society, ensuring that vulnerable populations are not marginalized and that equal access to digital financial services is guaranteed.”

Councillor Anderson, seconded by Councillor Tatler moved approval of the following Motion as detailed on the agenda:

“The Scottish Borders Council recognizes the ongoing transition towards a cashless society, primarily driven by Central Bank Digital Currencies (CBDCs). This motion aims to address the social and financial implications associated with this transition. One major concern is the potential exacerbation of revenue inequality and the digital divide. It is crucial to ensure that vulnerable populations have equal access to digital financial services to prevent marginalization. Therefore, the Scottish Borders Council urges the UK Government to take necessary measures to mitigate these concerns and ensure a fair and inclusive transition to digital currency with the retention of cash based finances.

1. Acknowledging the Transition: The Scottish Borders Council acknowledges the ongoing transition towards a cashless society, primarily driven by the introduction of Central Bank Digital Currencies (CBDCs). SBC acknowledges the removal of cash will have a detrimental effect on our rural population.

2. Social and Financial Implications: Recognizing that the transition towards a cashless society has social and financial implications, including concerns related to revenue inequality and the digital divide.

3. Exacerbation of Revenue Inequality: The Council expresses concern that the transition towards a cashless society may exacerbate revenue inequality, as vulnerable populations may face difficulties in accessing and utilizing digital financial services. Which shows a need for cash based finances in rural areas.

4. Digital Divide: The Council acknowledges the potential for a digital divide to widen as a result of the transition towards a cashless society. It emphasizes the importance of ensuring equal access to digital monetary services for all individuals, regardless of their socioeconomic status.

5. Preventing Marginalization: The Council emphasizes the need to prevent the marginalization of vulnerable populations during the transition towards a cashless society. It highlights the importance of providing adequate support and resources to ensure equal access and inclusion. The CBDC must be an addition to cash not a replacement to prevent marginalisation.

6. UK Government Action: The Scottish Borders Council urges the UK Government to take necessary measures to address the social and financial implications associated with the transition towards a cashless society. This includes implementing policies and initiatives that promote equal access to digital financial services and mitigate the potential exacerbation of revenue inequality and the digital divide.

7. Collaboration and Consultation: The Council encourages the UK Government to collaborate with relevant stakeholders, including local authorities, financial institutions, and community organizations, to ensure a comprehensive and inclusive approach to the transition to a cash and CBDC society.

8. Reporting and Monitoring: The Council requests that the UK Government provide regular updates and reports on the progress made in addressing the social and financial implications of the transition towards a cash and CDBC society. This will enable transparency and accountability in the decision- making process.

9. Dissemination of Information: The Council emphasizes the importance of raising awareness among the public about the transition towards a cashless society and its potential Negative impact. It encourages the UK Government to engage in public participation events to ensure that individuals are given the chance to have their say and prepared for the changes ahead.

10. Adoption and Implementation: The Scottish Borders Council calls upon all relevant authorities and stakeholders to adopt and implement the necessary measures to address the social and financial implications of the transition towards a cashless society, in line with the principles of equality, inclusivity, and social justice. By passing this motion, the Scottish Borders Council aims to contribute to a fair and inclusive transition towards a cash and digital currency-based society, ensuring that vulnerable populations are not marginalized and that equal access to digital financial services is guaranteed.”

Councillors Anderson and Tatler spoke in favour of the Motion which was unanimously approved.

DECISION

AGREED to approve the Motion as detailed above.