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China's path to cashless society: more restrictions for all





The People’s Bank of China (PBOC) revealed that a new regulatory pilot program will be rolled out in three provinces seeking to limit the size of unregistered cash transactions allowed in the nation. This comes as the Chinese government is preparing to release an all-digital national currency.

The story was originally reported by the Xinhua News Agency, but spread quickly through Twitter thanks to prominent cryptocurrency personality, Dovey Wan (@DoveyWan):

.... OK THIS IS HAPPENING

PBOC announced that it will pilot a regulation on large-amount cash deposit/withdrawal restriction in three provinces across the country 😶😶😶

Tighter capital control and cash elimination in action

Detail below 👇

 

1/ Three provinces Hebei, Zhejiang and Shenzhen will be on this trial for 2 years.

For business accounts, any deposit/withdrawal > 500K rmb (~$71K) must be **registered**

The cap for a personal account will be ranging from 100k rmb to 300k rmb ($15k to $60k)

 

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The cashless society from an ethical point of view

The debate about the move towards a cashless society has been at the center of the scene for several years, now. Various angles have been taken by economists, politicians, banking institutions and sociologists. Beyond the technicalities of the debate, lies the question of freedom, of inter-citizen solidarity and of governmental responsibility. The debate cannot remain in the hands of financial specialists, it is first and foremost an ethical, political and societal issue.

The cashless society from an ethical point of view