The People's Bank of China (PBOC) is looking to close the widening digital divide and has warned merchants that they must accept cash or face disciplinary action, Reuters reported on Tuesday (Dec. 15).
Most businesses in China have gone digital and some have stopped taking cash altogether, in part due to the coronavirus, but also as a means of cost control and user demand.
“Renminbi (yuan) cash is the most basic means of payment. Entities or individuals cannot refuse to accept it,” the PBOC, which is China's central bank, said in a statement, per Reuters.
The PBOC also said that any business or individual refusing cash or instituting discriminatory anti-cash policies would be subject to investigation.
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Most businesses in China have gone digital and some have stopped taking cash altogether, in part due to the coronavirus, but also as a means of cost control and user demand.
“Renminbi (yuan) cash is the most basic means of payment. Entities or individuals cannot refuse to accept it,” the PBOC, which is China's central bank, said in a statement, per Reuters.
The PBOC also said that any business or individual refusing cash or instituting discriminatory anti-cash policies would be subject to investigation.
Read (and Watch) more
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