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China’s central bank warns rejecting cash payments illegal
- Tuesday | 11th December, 2018
“Electronic payments has given us a new way to pay, but it must not replace cash payments,” the People’s Bank of China said. SHANGHAI (Reuters) – China’s central bank on Monday warned that rejecting cash as a form of payment was illegal, saying that such practices could eventually could cause the loss of confidence in physical money and was unfair to those not accustomed to electronic payments. The central bank also pointed out that some local authorities were promoting their technology advancements with taglines like “cashless city”, but said that this should not mean that they no longer accepted money. The ease of use has meant that some vendors, especially in major cities like Beijing and Shanghai, have stopped accepting physical cash. “Over time, the practice can become second nature and people could lose confidence in cash.
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