We will get strong resistance from governments if we continue with the goals and visions of replacing Fiat currencies, we should rather promote co-existence with fiat currencies and then let the people decide what they want.
Topic: China says rejecting physical cash is illegal amid e-payments popularity - page 6. (Read 6516 times)
December 13, 2018, 03:09:41 AM
This was to be expected from any government that wants to protect the value of their local reserve currency and also the impact on their economy. Everyone knows governments are manipulating the value of their reserve currency to artificially stimulate their economy, so it is naturally for them to react in this way, if something wants to replace their manipulation tool.
We will get strong resistance from governments if we continue with the goals and visions of replacing Fiat currencies, we should rather promote co-existence with fiat currencies and then let the people decide what they want.
We will get strong resistance from governments if we continue with the goals and visions of replacing Fiat currencies, we should rather promote co-existence with fiat currencies and then let the people decide what they want.
December 13, 2018, 02:24:56 AM
Quote
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.
Its comments, made in a post on its official WeChat account, come as electronic payments via Alibaba Group’s Alipay or Tencent Holdings’s WeChat have become increasingly popular in China where they are accepted on platforms such as public transport and at retailers like coffee shops.
The ease of use has meant that some vendors, especially in major cities like Beijing and Shanghai, have stopped accepting physical cash.
“Electronic payments has given us a new way to pay, but it must not replace cash payments,” the People’s Bank of China said. “Over time, the practice can become second nature and people could lose confidence in cash.
It added that it was particularly unfair to the elderly and people who lived in underdeveloped parts of the country who would have difficulty in mastering the processes needed for electronic payment.
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.
https://www.reuters.com/article/us-china-payment/china-says-rejecting-physical-cash-is-illegal-amid-e-payments-popularity-idUSKBN1O902F
Its comments, made in a post on its official WeChat account, come as electronic payments via Alibaba Group’s Alipay or Tencent Holdings’s WeChat have become increasingly popular in China where they are accepted on platforms such as public transport and at retailers like coffee shops.
The ease of use has meant that some vendors, especially in major cities like Beijing and Shanghai, have stopped accepting physical cash.
“Electronic payments has given us a new way to pay, but it must not replace cash payments,” the People’s Bank of China said. “Over time, the practice can become second nature and people could lose confidence in cash.
It added that it was particularly unfair to the elderly and people who lived in underdeveloped parts of the country who would have difficulty in mastering the processes needed for electronic payment.
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.
https://www.reuters.com/article/us-china-payment/china-says-rejecting-physical-cash-is-illegal-amid-e-payments-popularity-idUSKBN1O902F
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China appears to be adopting the inverse polar opposite of a cashless society.
This makes for an interesting contrast with other nations many of whom view a transition to cashless payment systems as being a natural progression.
If someone wanted to cite reasons behind china adopting the opposite of a cashless society, while many other nations of the world embraced the opposite abstract--how would they explain this? What would the main motive behind differences in policy be?
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