Introducing a cashless transaction system across the country can visibly tighten the control over corruption. For this, a unified, strong, and universal digital app is needed, where the financial profiles, asset details, income-expenditure, and all transactions of every earning citizen are connected on a single platform.
The Core Structure of this App:
Through this app—
Every citizen will have a single bank account.
All financial activities, including salaries, business income, and personal transactions, will be completely cashless.
VAT and tax will be automatically deposited into the government treasury whenever any product or service is purchased.
The government itself will be able to update all information related to TIN and BIN.
In this way, the government’s due revenues will not get stuck anywhere, and no individual will be able to conduct large cash transactions for bribery, illegal earnings, or money laundering.
The Need for Coordination:
In practice, significant progress has already been made in various sectors in Bangladesh— AID, Information Portal, digitization of the banking sector, Central Bank’s various apps, mobile money systems, and many other initiatives. What is needed now is to create a coordinated national platform that brings all services and data under one umbrella, making it stronger.
There are Examples Worldwide:
Countries like China have already built similar cashless ecosystems. Platforms like Alipay and WeChat Pay have made the economy and governance system much simpler, more transparent, and free from corruption.
This is undoubtedly a vast and extensive topic. If analyzed by sector, it could be published in the form of a book. Here, only the main thoughts have been presented in a nutshell. I invite your opinions and suggestions so that this idea can be enriched and provide a more effective direction for the country’s development and anti-corruption efforts in the future.
Author: ABM Zakirul Haque Titon
Editor and Publisher, Khaborwala.