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Title: China says rejecting physical cash is illegal amid e-payments popularity Post by: Hydrogen on December 13, 2018, 06:24:56 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 .... 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? Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: Kakmakr on December 13, 2018, 07:09:41 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. ;) Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: lihongjing on December 13, 2018, 07:49:32 AM There is nothing wrong with this, and such a rule is true. Banknotes can also be used after Bitcoin is successful, and should not be rejected for the birth of a better coin. In fact, they are all government-approved currencies. I believe Bitcoin will win.
Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: NeuroticFish on December 13, 2018, 08:54:18 AM China appears to be adopting the inverse polar opposite of a cashless society. I think that the conclusion is incorrect. Any government may try to convince you to use cashless means of payment because it's cheaper and easier to track. But they have to support the original paper currency too, it may be even in the constitution. The "cashless" society will not mean in the near future that all the payments will be done without physical cash. Even a 75% would be already a huge percentage. And I guess they may push to 90-95%. Try to see the reality behind the commercials ;) On another side, also abandoning completely the "cashless society" direction would not surprise me. The ways of Chinese government are quite strange in many aspects, we know that. Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: nicster551 on December 13, 2018, 10:33:45 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 .... 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? It should be for now since many people are still using physical money and many of them also doesn't even know anything about digital money for now. Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: tdrinker on December 13, 2018, 10:56:36 AM It's hard to think of any real reason for preventing the use of e-payments that still occur in their sovereign currency. All I can think of is that it stops a natural progression for people moving from sovereign e-payments through to non sovereign options like cryptocurrency.
Though the first line doesn't really sound like they're trying to stop people moving to e-payments, rather that they're trying to prevent people from rejecting cash as a payment option. This seems pretty valid and true for most countries as cash is legally accepted tender and you're not allowed to legally refuse it. At least I know that to be true for the UK. Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: adzino on December 13, 2018, 01:01:15 PM Probably some business started to accept only e-payments over there and some what are being forced to use those online system which has become a huge problem for common people. Not sure though, just something that popped up in my mind. Anyways, this does not mean that paying through e-payment system has been made illegal. People can still use both online and cash system to make their payments. It is just that the business will have to accept cash when offered.
Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: LeGaulois on December 13, 2018, 02:57:23 PM Banknotes are backed by nothing, scriptural money/demand deposit (https://en.wikipedia.org/wiki/Demand_deposit) is/are only virtual money that physically does not exist. Imagine an economy runs and based on real money/gold, forget paper gold, paper money, ETFs, Futures and the system collapse since the funds doesn't exist
China perfectly knows this and anticipate. Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: jeromix on December 13, 2018, 03:07:51 PM of course, physical money should not be replace by an e cash payment. The e cash system is only an upgrade form of payment. We should understand that either way of the payment system shows successful transaction. It will only depend on the clients side on which he/she prefer to use in excahnging goods and products with his/her money.
Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: dothebeats on December 13, 2018, 03:36:37 PM What they're doing is just understandable IMO from an economic perspective as they're still promoting the circulation of money and still accepting e-payments. If people start to not accept physical cash anymore, this will hit the economy hard and might urge people to not do the same and be discouraged to receive and spend cash, causing a domino effect that could destroy China's blooming economy. They are not turning cashless or leaving physical cash behind but rather accepting another payment method that could co-exist with their cash.
Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: eternalgloom on December 13, 2018, 03:58:16 PM I don't really think that's too weird actually, lots of countries force businesses to also keep accepting cash payments.
It's pretty normal that you'd want people to be able to spend your nation's currency in as many ways as possible. The advent of electronic payments shouldn't cause certain groups of people to be left out. Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: BitHodler on December 13, 2018, 04:03:59 PM I actually consider a well diversified choice of payment to be a healthy form of progress beneficial to every layer of the economy. Also, being forced to use digital payment solutions significantly impacts your privacy.
I like that with cash you don't continuously being tracked by the store, bank, government, and so forth. Every bit of information they store can and will likely be used against you in the long run. I have already seen that someone sharing pics on social media of a not so healthy life style being rejected from getting a regular cost health insurance. It was either pay a premium or try your luck elsewhere. That's scary. Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: hubballi on December 13, 2018, 04:09:11 PM Both the options should be open and we cannot force the peoples to use only e-payment option. Just like what china government said is true that their are so many old peoples who still dont have much knowledge about latest technology so they will be facing lot of problem. Same their are so many places where still development is not happen due to lot of reasons so for them cash payment option is only available.
Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: Dimon8 on December 13, 2018, 04:31:27 PM China is a country of bright contrasts, it is expressed in many aspects of life. Neither the government has ever given the right to choose its citizens (especially in China), this also applies to the use of funds. The Chinese government deliberately and systematically arrived at this decision. I live in a technologically poorly developed country in Eastern Europe, and my government plans to launch a national electronic coin in 2019. I think in 2019, many states will begin the transition to 100% non-cash payments. Thus it is easy to control all manipulations with the money of every citizen.
Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: el kaka22 on December 13, 2018, 04:59:55 PM We do not need to really reject the physical cash to have e-payment options, I mean why not keep them both.
I understand the need for e-payments because they are making everything amazingly easy to deal with but they are not the only form of payment. Credit cards, debit cards, cash, cheque, gift cards and crypto all valid options for everyone. Of course, there are some places like taxi cabs that you only pay with cash because that is easier for such a business but even the online shops should be taking cash payments on delivery if they can afford to do so. China, even though they hate crypto and make it obvious, could be right on this one, making an e-payment only shop is not a smart idea, it doesn't really think about what the customer wants, give the customers an option to select and if you want e-payments give them some incentives to choose epayments over other options. Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: okala on December 13, 2018, 06:41:14 PM That makes it very difficult to keep fiat out of our monetary system. We can only focusing on combining both e-payments and fiat as this is the major ways we can understand our financial system. China governments has been against bitcoin and cryptocurrencies market for long-term and any things that said good about digital money they are against it.
Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: cellard on December 13, 2018, 07:30:03 PM 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. ;) I think the only reason they are now not so much against cash as they typically where, is simply because of Bitcoin. If Bitcoin was never invented, then people wouldn't have any other way but to use government digital tokens after they remove cash. Since Bitcoin was invented, people can have a plan B, this destroys the dream of 100% control of flow of money governments. If they removed cash, it would be great news for Bitcoin, so I can see why they are now pushing for cash usage again. Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: dmamigo on December 13, 2018, 07:46:38 PM Removing cash will be a problem, not every citizen of the society will be able to use online payment. And talking about cryptos, it is more complicated as of now. China has a huge population and it's not possible that every citizen is qualified to send or use technologies like this.
Moreover, e-payments are usually popular among the young citizens of every country. Mostly, Old people are still orthodox, quite a few of them have coped up with the advanced society. Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: The Sceptical Chymist on December 13, 2018, 07:53:44 PM China appears to be adopting the inverse polar opposite of a cashless society. I read it more as a statement that they don't want to implement it too soon. They have a valid point about the elderly population who probably aren't ready for a cashless society to be thrust upon them--and I don't think it should be, not in China and not in any country. I think it's a good move on the Chinese government's part to make the decision they did.For better or worse, a cashless world is coming. Such a thing would have been unheard of in the 1800s, and boy how times have changed. I worry about power outages, loss of smartphones, hacking, too much trust in banks, and a few other things when I envision cashlessness. People do love paying for things with plastic and with their smartphones, but I don't think cash should ever be made obsolete. Mostly, Old people are still orthodox, quite a few of them have coped up with the advanced society. Yeah, that's the big problem. They're not ready for this yet and shouldn't be forced to abandon cash. I don't see the need to rush the adoption of a cashless society. As I said, it's a good move by China.Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: 1Referee on December 13, 2018, 08:41:25 PM Since Bitcoin was invented, people can have a plan B, this destroys the dream of 100% control of flow of money governments. If they removed cash, it would be great news for Bitcoin, so I can see why they are now pushing for cash usage again. Even if 'pushing back' crypto adoption is their main motive, it won't have much of an effect in the long term at all. Whether it's crypto gaining ground or mobile payment forms based on fiat, digital payments will continue to grow as they have been doing for over a decade now. In the end, Bitcoin right now isn't at the point it has any sort of ammo to compete with the big boys such as PayPal, AliPay, etc. If it isn't the infrastructure forming an obstacle, the volatility here will make sure people will always prefer to settle their transactions with fiat related payment forms. Money is meant to be free of hassle, which is an experience Bitcoin can't provide yet due to the speculative nature of this market. Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: tdrinker on December 14, 2018, 03:39:54 PM Yeah, that's the big problem. They're not ready for this yet and shouldn't be forced to abandon cash. I don't see the need to rush the adoption of a cashless society. As I said, it's a good move by China. We still have people using cheques and other outdated payment methods. Even the middle aged generations in many modern countries still rely heavily on cash, the older generation almost entirely. That's in countries with long established banking systems and easy access to internet etc. China in many parts is still largely underdeveloped, people don't have access to bank accounts and cash is their only option. It's only right that they are able to spend their money. Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: magneto on December 14, 2018, 11:30:23 PM It could be because of the oligopoly of the e-payments sector, with basically WeChat Pay and Alipay dominating the market.
As a result, the central bank may feel an increasing lack of control over the transactions that are happening within these platforms, which could be the reason why this statement was released in the first place. But of course, other reasons such as the lack of education for rural areas and elderlies to use the technologies that are crucial to cashless payments are also valid. I do feel like that China eventually will move completely cashless, and will be one of the first countries to do so. But the central bank will definitely assert more control and regulation over time, potentially through their own blockchain based currency. Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: andriarto on December 15, 2018, 02:54:09 AM Yeah, that's the big problem. They're not ready for this yet and shouldn't be forced to abandon cash. I don't see the need to rush the adoption of a cashless society. As I said, it's a good move by China. We still have people using cheques and other outdated payment methods. Even the middle aged generations in many modern countries still rely heavily on cash, the older generation almost entirely. That's in countries with long established banking systems and easy access to internet etc. China in many parts is still largely underdeveloped, people don't have access to bank accounts and cash is their only option. It's only right that they are able to spend their money. Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: CryptoBry on December 15, 2018, 03:45:16 AM China appears to be adopting the inverse polar opposite of a cashless society. I think that the conclusion is incorrect. Any government may try to convince you to use cashless means of payment because it's cheaper and easier to track. But they have to support the original paper currency too, it may be even in the constitution. The "cashless" society will not mean in the near future that all the payments will be done without physical cash. Even a 75% would be already a huge percentage. And I guess they may push to 90-95%. Try to see the reality behind the commercials ;) On another side, also abandoning completely the "cashless society" direction would not surprise me. The ways of Chinese government are quite strange in many aspects, we know that. You said it right. Going cashless or electronic does not mean that paper or fiat money should be rejected because there will always be segments of the population that will prefer things the old way. What about if one has no gadget or maybe has no card...should we then exclude that person in the workings of the economy? Of course not. When credit and debit cards were introduced decades ago, many were then concluding that soon after people will stop using the fiat money but look at the world now we are still using them while cards are also popular. Those can happily seat alongside each other so why choose to impose one over the other. We are in the global economy that is very diversified and complex so choices should be available to all to enjoy. Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: Irvinn on December 15, 2018, 04:47:29 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 .... 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? I think that all other states will express the same opinion if necessary. Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: jcarlo on December 15, 2018, 09:47:24 AM China already take step ahead compare others country. China technology right now rising very fast and government give good facility. If china government regulating cryptocurrency and allowing cryptocurrency for payment, i am believe china will lead the world in crypto transaction
Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: tdrinker on December 15, 2018, 01:02:42 PM Yeah, that's the big problem. They're not ready for this yet and shouldn't be forced to abandon cash. I don't see the need to rush the adoption of a cashless society. As I said, it's a good move by China. We still have people using cheques and other outdated payment methods. Even the middle aged generations in many modern countries still rely heavily on cash, the older generation almost entirely. That's in countries with long established banking systems and easy access to internet etc. China in many parts is still largely underdeveloped, people don't have access to bank accounts and cash is their only option. It's only right that they are able to spend their money. It's not even a case of it being difficult to teach them. More of a case of why should we force them to adapt to something new when cash is still a perfectly legitimate way of spending. Cash will naturally be eliminated over time as most see the benefits for epayments but there's little need to force change on to people in the last years of their lives when it's not necessary. Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: Snaic on December 15, 2018, 04:52:04 PM Of course, cash must be used in every state along with other forms of cashless payments. Not all people can or want to use non-cash forms of money and their opinion should be respected. In addition, I think that in many cases, small transactions are much more convenient to make using cash than non-cash payments, which are associated with the availability of technical equipment and require dependence on many other factors.
Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: pixie85 on December 15, 2018, 07:33:07 PM China already take step ahead compare others country. China technology right now rising very fast and government give good facility. If china government regulating cryptocurrency and allowing cryptocurrency for payment, i am believe china will lead the world in crypto transaction They are still in the middle ages in some aspects. Capital punishment, public executions, denying people the right to send money abroad, just to name a few. They are also one of the leading countries in pollution. Many buildings in China are falling apart and nobody cares, their work ethics is also lacking. I wouldn't put them on a pedestal here. Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: olubams on December 15, 2018, 09:12:54 PM To even think someone would reject physical cash is something out of the ordinary which government should take a more tough stance on because until there is a law that stops it from being a legal tender, it still remains a currency that should be accepted by all in the whole country. People have been made to go through untold hardship since the beginning of the the extreme cashless policy period especially the senior citizens but with this proclamation, its expected that it would change.
Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: figmentofmyass on December 15, 2018, 09:31:18 PM For better or worse, a cashless world is coming. Such a thing would have been unheard of in the 1800s, and boy how times have changed. is it though? i've heard the fearmongering about sweden, but i don't see anything like that happening in the USA. cash economies are still really prevalent here. where i live, gas prices are lower if you're paying with cash vs card and most people i know still use cash (at least sometimes). Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: Bonsaiav on December 15, 2018, 10:11:58 PM 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 .... 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? China is the first country to implement a cashless system, and we can say that it has succeeded well, no wonder if this triggers ideas and topics of discussion for most financial officials in each country. I think the Chinese government cannot put forward a cashless system because cash is real, it's the main product of every country including China which is arguably still very reliable for the economy of their country, in addition to technology, etc. Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: timerland on December 17, 2018, 08:57:11 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 .... 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? I wouldn't say that they are adopting a non-cashless society per se. As far as anyone is concerned, cashless payments in China is extremely widespread and is only growing. It doesn't make sense to say that they are moving away from cashlessness while this kind of large scale digital economic activity is still happening. All this is is probably just an indicator of exactly how much cashlessness has grown in China, to the point where the central bank needs to intervene in order to get people to accept cash. It doesn't mean that the cashless society aspect of China will necessarily diminish in the future, or that the central bank wants to revert back to cash at all. It's just trying to enforce the legality of paper based fiat, imho. Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: tdrinker on December 17, 2018, 10:33:57 AM For better or worse, a cashless world is coming. Such a thing would have been unheard of in the 1800s, and boy how times have changed. is it though? i've heard the fearmongering about sweden, but i don't see anything like that happening in the USA. cash economies are still really prevalent here. where i live, gas prices are lower if you're paying with cash vs card and most people i know still use cash (at least sometimes). Here's a little article I read just now when looking in to your opinion. https://www.creditcards.com/credit-card-news/payment-method-statistics-1276.php From this it would seem there's some truth in what you're saying, cash use is dwindling but it is still very very prevalent. Quote According to the 2016 Federal Reserve Payments Study, noncash payments increased at an annual rate of 5.3 percent (3.4 percent in value), between 2012 and 2015. Quote A 2016 Gallup poll also found that far fewer Americans are using cash than five years previously. Only 10 percent reported using cash for all their purchases, down from 19 percent in 2011 Quote But still, only 12 percent say they never use cash, hardly changed from the 10 percent who said the same in 2011. Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: Ozero on December 17, 2018, 07:48:21 PM This is a normal reaction of the state. which protects and will protect the use of its national paper money. Cash will always be in demand and will always go along with other types of means of payment. As long as states exist, until then there will be their cash paper money. In addition, the poorest strata of society and citizens with various health flaws will always support the circulation of cash.
Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: shield132 on December 17, 2018, 08:01:22 PM Personally I agree, on this forum a lot of guys are excited with digital money, especially with bitcoin as another form of it. This doesn't mean it's good to fully move it and I think there are reasons. Imagine when we are fully depend on electro money, banks can easily close our accounts and leave us without money or whole world. On cash, that's not possible because we have cash in our pocket and our payment don't depend on 3rd party services, we do it directly in real life. On another hand if we want, in one year we will be fully moved on electro money but that doesn't worth, better if we leave everything like it is as for now with cash.
Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: Renaldi blackspadeteam on December 18, 2018, 06:51:24 AM I like this, the Chinese government may realize that paper money is troublesome, use E-payment because it is more practical and easy to use, I think cryptocurrency can be made a second alternative for payment.
Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: alyssa85 on December 18, 2018, 10:02:00 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 .... This is genuinely batshit stuff, if they think cash and electronic payments are different. I guess they think cryptocurrency is not real either! Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: sumangs on December 18, 2018, 04:07:29 PM I think the China doesn't trust e-payments for a specific reason and cryptocurrencies are also part of it. It is also said that "it must not replace cash payments" and it wonders me that there is still problems on e-payments but for a strong country it should be not a problem for them since I believe that they could resolve problems in that platform. If the problem are the elderly then make a way to make them understand it or have a service center near the stores that accepts e-payment since elderly people did a great part on the country through work and paying taxes so it is not bad to give them gratitude and yet we all going to be elderly, so just give them the pleasure or their good retirement by doing a simple help on e-payments.
Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: gabmen on December 18, 2018, 05:21:24 PM I like this, the Chinese government may realize that paper money is troublesome, use E-payment because it is more practical and easy to use, I think cryptocurrency can be made a second alternative for payment. The chinese obviously are pushing for paper money dude. That's why they have a firm stance when it comes to cryptocurrencies probably becauae the givernment will have less control if it get's mass adoption. These guys still are about having the necks of their citizens in their hands. Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: yusupjatigumilar on December 19, 2018, 10:05:12 AM I agree with regard to the Chinese government, the positive thing is that everyone can still make transactions in accordance with the money they have (physical or non-physical) this will make transactions easier, because not everyone has money in the virtual form or vice versa, because of its development current financial technology is not evenly distributed which will adversely affect the usefulness of the physical currency
Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: makerofall on December 19, 2018, 10:07:08 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 .... 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? China is the first country to implement a cashless system, and we can say that it has succeeded well, no wonder if this triggers ideas and topics of discussion for most financial officials in each country. I think the Chinese government cannot put forward a cashless system because cash is real, it's the main product of every country including China which is arguably still very reliable for the economy of their country, in addition to technology, etc. Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: Escf4 on December 19, 2018, 01:05:18 PM In every country they have their own rules to be followed especially in terms of financial activities , which involve currency ,so if the fiat money in china is illegal when in will not be accepted or rejected then that is their ruling, so crypto or any digital payments maybe needs to be review in the government of china if it is already acceptable.
Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: timerland on December 19, 2018, 11:40:46 PM I like this, the Chinese government may realize that paper money is troublesome, use E-payment because it is more practical and easy to use, I think cryptocurrency can be made a second alternative for payment. The chinese obviously are pushing for paper money dude. That's why they have a firm stance when it comes to cryptocurrencies probably becauae the givernment will have less control if it get's mass adoption. These guys still are about having the necks of their citizens in their hands. If they really wanted to gain more direct control over the economy, I don't think that even paper money would be the best they will be able to do. Going cashless would mean that every transaction can be traced, and potentially, monetary policy will be able to be implemented more directly, if there were ever to be an electronic ledger issued directly by the central bank. I honestly don't think that this announcement has anything to do with "pushing paper money". China's been going the opposite direction for years already, and cash usage is very low. As I said before, this is simply to guarantee and back the legality of cash, and to try to solve or at least "hide" the problem of rural areas not having access to these electronic forms of payments, which are so widespread right now. Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: medicalmiracle on December 20, 2018, 06:57:42 AM For better or worse, a cashless world is coming. Such a thing would have been unheard of in the 1800s, and boy how times have changed. is it though? i've heard the fearmongering about sweden, but i don't see anything like that happening in the USA. cash economies are still really prevalent here. where i live, gas prices are lower if you're paying with cash vs card and most people i know still use cash (at least sometimes). Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: BoitCoinZen on December 24, 2018, 07:37:32 AM I don’t see anything wrong with what they have said. We still need cash cause it’s very important. There are lots of things you do today’ that requires payments being made in cash. And moreover, physical payments are the real money we talk about, technology is just a way of making things easier, or haven’t you read that before? So they are right.
Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: funkenstein on December 26, 2018, 06:49:40 AM You gotta understand the context here. Chinese people are way ahead of the world in the transition to digital cash, you will almost never see any paper bills used here. There are many vendors who simply don't keep any paper money and so they can't make change, and this annoys foreigners as well as locals whose phones have died or are trying to unload their paper stash accumulated from wherever that might be. This is what that statement is trying to address.
Keep in mind there is not one person in the entire country who expects people to have M0 physical cash or credit cards, and every vendor, beggar, busker, and retailer displays prominent QR codes. This will help keep the statement in context. Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: justdimin on December 26, 2018, 06:07:13 PM I still think it is not a bad move, I mean of course by the looks of it technology will catch up and eventually cash will be useless however that is years away and currently we still use cash a lot and specially in countries like China people use cash a lot more so it is really weird if a place rejects cash. This is not saying "you only can pay with cash", its far from reality, people are reacting like cash is the only way to they are allowed to be paid.
Not at all, this is just saying accept whatever you want but you can't reject cash, you can go with debits you can go with cheque, you can do whatever you wish however you just can't reject cash. Which if you ask me is a smart move, I mean there must be a lot of over the counter transactions in China and those people would love to keep doing cash exchanges. Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: aoluain on December 26, 2018, 09:41:49 PM I think the statement in the OP is a strange one. If vendors feel that the
majority of their transactions are digital surely they are entitled to create their own term and conditions. The world is definitely moving to cashless transactions, possibly remote or rural parts of certain countries will be slower to change. It will all move at its own pace so banning one form of payment doesnt make sense to me. Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: jjjfff on December 26, 2018, 10:01:59 PM China is right on this one but it's not really unique. US Treasury notes (greenback US Dollars) also cannot be rejected within the USA. Paper money is legal tender anywhere in the USA and cannot be rejected.
And needless to say a cashless society is a menace to privacy and even to national security. Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: Renaldi blackspadeteam on December 27, 2018, 10:58:00 AM I like this, the Chinese government may realize that paper money is troublesome, use E-payment because it is more practical and easy to use, I think cryptocurrency can be made a second alternative for payment. The chinese obviously are pushing for paper money dude. That's why they have a firm stance when it comes to cryptocurrencies probably becauae the givernment will have less control if it get's mass adoption. These guys still are about having the necks of their citizens in their hands. unfortunately, in my country still using paper money which is quite troublesome, to be honest I like payment systems in China that are easy and practical because with electronic money and cryptocurrency making payments easier and time-saving, Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: Betwrong on December 27, 2018, 11:30:17 AM I may disagree with many things Chinese government and PBOC is doing, but I absolutely support the statement in question. People should have the right to pay for goods and services with physical cash, or, in other words, they should not be forced to use electronic payments only. Since many people are still payed in cash for their work, vendors have to accept it as a form of payment in all cases.
Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: BitHodler on December 27, 2018, 12:08:34 PM unfortunately, in my country still using paper money which is quite troublesome, to be honest I like payment systems in China that are easy and practical because with electronic money and cryptocurrency making payments easier and time-saving, I don't see how cash settled transactions are troublesome? It adds to your privacy and allows for instant and irreversible payments, which is what crypto is also praised for.China is just looking for a way to make their control over people's capital even tighter, which is exactly why they didn't step in sooner. This could have been seen coming like a decade ago, and they act now? Seriously? As always, people will only realize what they miss when they no longer have it, and it's just a matter of time before they do if nothing changes. Privacy is one of the most important parts of money, don't forget that. Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: Tylev on January 25, 2019, 05:29:11 PM I don’t see anything wrong with what they have said. We still need cash cause it’s very important. There are lots of things you do today’ that requires payments being made in cash. And moreover, physical payments are the real money we talk about, technology is just a way of making things easier, or haven’t you read that before? So they are right. I think that any state will say the same thing if it sees that the population is too keen on cryptocurrency. National paper money of the states will always go and no state will ever give up on them. On the one hand, the Chinese government always warns its citizens about possible material losses due to the high risks that cryptocurrency carries with it, and on the other, it protects its own currency in order to prevent inflation and the economy from falling.Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: daarul50 on January 25, 2019, 05:34:07 PM I fully support if the Chinese government adopts full non-cash payments as long as they do not leave cash as other payments because cash is the only currency that will continue to be used even though the times are all digital.
Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: BitBustah on January 25, 2019, 05:40:07 PM The future looks very scary with how fast technology is increasing. Eventually the government will know every single thing about us and getting rid of cash is only the beginning.
Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: Crypdon on January 25, 2019, 09:37:58 PM They prefer wechat pay because it is a lot quicker and safer as they don't need to carry cash around. If these companies were to integrate crypto currencies into their payment options then bitoin will skyrocket like an SEC EFT.
Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: usorin on January 26, 2019, 07:02:51 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 .... 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? Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: NavI_027 on January 26, 2019, 09:59:44 AM Oh my! I can't understand why their government wants to do the opposite despite the fact that their countrymen are now embracing electronic payments. In other words, their way of living is growing naturally but they choose to stick with the traditional one. China can be futuristic — a kind of society we often read from science fictions — but unfortunately they refuse to do so. For me, the elders is not a valid reason to for a country to stop improving, they should take it as a challenge to continue further.
Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: maemunah on January 26, 2019, 02:54:10 PM China is a developed country now and now Bitcoin is widely used in China and technology is now advancing because China is relying on Bitcoin and it is true that cash is not feasible and now uses digital money so that the country is considered to be a developed country in technology and economics. good strategy for the country, I like it
Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: umbara ardian on January 27, 2019, 09:35:11 AM The future looks very scary with how fast technology is increasing. Eventually the government will know every single thing about us and getting rid of cash is only the beginning. if you say that technology in the future will be even more terrible, it seems to be true because with the development of technology everything becomes digital and there will be a lot of artificial intelligence so that it will become a double-edged knife ready to fight back, stay alert to the technology created in the future better front.Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: BitHodler on January 27, 2019, 03:42:31 PM if you say that technology in the future will be even more terrible, it seems to be true because with the development of technology everything becomes digital and there will be a lot of artificial intelligence so that it will become a double-edged knife ready to fight back, stay alert to the technology created in the future better front. Governments have always been one or two steps behind everything in terms of technological advancements. I don't see that change, so it's not that we'll be controlled entirely by our governments.Bitcoin is an extremely powerful tool allowing you to take care of your own finances. As long as that is the case, there isn't much to worry about, so be careful when it comes to storing your coins on exchanges. Governments can't take your coins away from you when you control your own private keys, but they can force the exchange to hand them over your coins in case they don't like who you are or what you do. And technically speaking, having an exchange store your coins means that they aren't your coins anymore.... Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: Dondont on January 27, 2019, 05:48:24 PM If we hope for a cashless society, it only applies to elites, while currently in some cases there is still a lot of poverty even in urban cities, this is reversed to face the current situation, cashless people will do the transaction with cashless people. Meanwhile some cash users are just getting harder to face this case
Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: Irvinn on April 30, 2019, 06:33:03 AM The Chinese government has acted wisely, warning that they should not abandon the use of cash. Cash and their non-cash forms of payment are a reflection of the state of the country's economy and if the cash of states is not used, it will adversely affect the economy of any state. It is not worth quickly destroying what humanity has been working for centuries and millennia. We are not as smarter than our ancestors, as many have suggested.
Cryptocurrency can and should go in each state only along with national currencies, otherwise there will be very big problems and then the cryptocurrency in general can be banned by all states. Everything needs a sensible approach. Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: Spaffin on April 30, 2019, 07:14:29 AM This is a normal reaction of the state. which protects and will protect the use of its national paper money. Cash will always be in demand and will always go along with other types of means of payment. As long as states exist, until then there will be their cash paper money. In addition, the poorest strata of society and citizens with various health flaws will always support the circulation of cash. Of course, in any country circulation of cash is a necessary condition for the successful development of the economy. The faster the turnover of cash, the stronger will be the economy of the state.Therefore, each state will protect its national cash. Non-cash forms of payment may sometime replace cash, but this requires a highly technological development of a high-income society. I do not know whether we have ever achieved such a level of human development. Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: coinplus on May 01, 2019, 08:01:49 AM I have never thought that I would agree with china but they are kind of right here. If you are not accepting cash that is a bit of a problem, I am not saying don't take bitcoin, by all means take bitcoin as much as you want and hopefully everyone will use bitcoin and nobody will give you cash but "rejecting cash" is not the way to go if we want bitcoin to go bigger.
Think of someone who has cash but doesn't have bitcoin and want to buy something from you and you tell them they need to use bitcoin to buy it and not cash, that person will not be capable of buying the product and will probably hate bitcoin for it for no reason at all. I think that is why going hand in hand for now is the way to go since it would both create awareness and it would still allow things to run as it always did for a little more while. Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: Pattart on May 01, 2019, 09:17:06 AM The future looks very scary with how fast technology is increasing. Eventually the government will know every single thing about us and getting rid of cash is only the beginning. if you say that technology in the future will be even more terrible, it seems to be true because with the development of technology everything becomes digital and there will be a lot of artificial intelligence so that it will become a double-edged knife ready to fight back, stay alert to the technology created in the future better front.Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: bitgolden on May 02, 2019, 07:35:29 AM The Chinese government has acted wisely, warning that they should not abandon the use of cash. Cash and their non-cash forms of payment are a reflection of the state of the country's economy and if the cash of states is not used, it will adversely affect the economy of any state. It is not worth quickly destroying what humanity has been working for centuries and millennia. We are not as smarter than our ancestors, as many have suggested. Even satoshi that created the cryptocurrency never intend it to take over cash that is why he simply stated it as an alternative means of making payment, which he must have seen too that it will be absolutely impossible. So there is no point in creating issue where there Is no issue, there can’t be cryptocurrency without cash. How is that even possible, how do we get crypto without first changing FIAT into cryptocurrency.Cryptocurrency can and should go in each state only along with national currencies, otherwise there will be very big problems and then the cryptocurrency in general can be banned by all states. Everything needs a sensible approach. The only threat I just see to cash is that crypto will be more used for payment transactions because of its fastness and none involvement of third party in it transaction. Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: upsidedown75 on May 02, 2019, 06:08:51 PM The future looks very scary with how fast technology is increasing. Eventually the government will know every single thing about us and getting rid of cash is only the beginning. if you say that technology in the future will be even more terrible, it seems to be true because with the development of technology everything becomes digital and there will be a lot of artificial intelligence so that it will become a double-edged knife ready to fight back, stay alert to the technology created in the future better front.There can’t even be a successful technology without the support of the government, so in everything we do in cryptocurrency, we still need the support of the government and cash is still their choice of payment, so we should not enforce it on them, we can just secretly be operating the crypto system till it gets across the entire universe. Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: mersal on May 02, 2019, 07:15:55 PM Definitely is a true statement because physical currencies are the important thing for everyone so it will need to be came for a long period of time then only it will be giving the hands to everyone who are in the down situation
Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: Adriano2010 on May 02, 2019, 07:40:41 PM Maybe they like more and can control better their printed money, and maybe is more confortable for they to use cash money, is their choice and we can't do nothing but just use cash when travel there where is not possible to pay with card.
Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: fullhdpixel on May 03, 2019, 08:29:55 AM I have never thought that I would agree with china but they are kind of right here. If you are not accepting cash that is a bit of a problem, I am not saying don't take bitcoin, by all means take bitcoin as much as you want and hopefully everyone will use bitcoin and nobody will give you cash but "rejecting cash" is not the way to go if we want bitcoin to go bigger. We just need to accept both and stop discriminating them to avoid unnecessary issue with the government. I agree with all your points, cash will always be needed also, there are some things Think of someone who has cash but doesn't have bitcoin and want to buy something from you and you tell them they need to use bitcoin to buy it and not cash, that person will not be capable of buying the product and will probably hate bitcoin for it for no reason at all. I think that is why going hand in hand for now is the way to go since it would both create awareness and it would still allow things to run as it always did for a little more while. Cryptocurrency cannot fully solver, there are some villages worldwide that does not even have the technology to do so, so how do those people survive if government imposes cryptocurrency and scrap cash, both are useful in their own way, bitcoin will be more useful to people like us that are technology inclined. Government may legalese cryptocurrency to be an alternative tool of payment but we still need cash for it to function well. Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: nur rochid on May 03, 2019, 08:49:06 AM Maybe they like more and can control better their printed money, and maybe is more confortable for they to use cash money, is their choice and we can't do nothing but just use cash when travel there where is not possible to pay with card. of course this will apply to the elderly, because they are more difficult to keep up with the times. but if the majority experience the same thing, of course cash is still a prima donna, let alone get support from the governmentTitle: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: lobat999 on May 03, 2019, 12:58:01 PM Maybe they like more and can control better their printed money, and maybe is more confortable for they to use cash money, is their choice and we can't do nothing but just use cash when travel there where is not possible to pay with card. of course this will apply to the elderly, because they are more difficult to keep up with the times. but if the majority experience the same thing, of course cash is still a prima donna, let alone get support from the governmentOf course China would upheld its fiat money over digital payments platforms since its their tool for currency manipulation as per allegations by other countries such as the U.S. who had been affected by those tactics. Also, they are thinking that China maybe bent on printing a lot of fiat money to help its goal of world dominance and the international community knows about that and is calling for its reform in its economic policy. Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: pieppiep on May 03, 2019, 04:50:28 PM Maybe they like more and can control better their printed money, and maybe is more confortable for they to use cash money, is their choice and we can't do nothing but just use cash when travel there where is not possible to pay with card. of course this will apply to the elderly, because they are more difficult to keep up with the times. but if the majority experience the same thing, of course cash is still a prima donna, let alone get support from the governmentTitle: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: usorin on May 03, 2019, 04:59:39 PM I do agree with the officials, i like digital money but nobody can reject payment with physical money.
Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: OrangeSeller on May 04, 2019, 06:28:50 AM Maybe they like more and can control better their printed money, and maybe is more confortable for they to use cash money, is their choice and we can't do nothing but just use cash when travel there where is not possible to pay with card. of course this will apply to the elderly, because they are more difficult to keep up with the times. but if the majority experience the same thing, of course cash is still a prima donna, let alone get support from the governmentTitle: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: Romanianz on May 04, 2019, 06:36:20 AM I do agree with the officials, i like digital money but nobody can reject payment with physical money. indeed payments using physical money will still remain and it will never be eliminated, transactions using digital currencies are only alternative payments.Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: Sithara007 on May 04, 2019, 07:40:19 AM It is actually good for the citizens. The problem with (fiat) digital payments is that they enable the authorities (and even criminals) to track us. They can see how much each individual is earning and where this amount is being spent. Crypto payments have the advantage of added anonymity, but digital fiat payments doesn't have that option.
Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: millgates on May 04, 2019, 07:50:35 AM I think the decision is reasonable. National currency should be accepted whatever its form. China's government in this case is very protecting their citizens rights. Spirit to become cash less society is not meant that we pretend that cash money ignorance is right thing.
Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: fiulpro on May 04, 2019, 03:00:29 PM This is something that is understandable offcourse.
The only decision of China that I agree with , physical cash is very important , you cannot just take your cards everywhere with you even when you are going in street spree . This is really helpful for the people who are old , or the young kids who doesn't really have any connections to the e market. It's a harsh truth but we are taking away their freedom doing this * doing everything online * This is good what they did. Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: sirohige on May 04, 2019, 04:06:04 PM I think China sees a very good opportunity from the existence of digital currencies such as cryptocurrency, they are the people of China always give appreciation and full support when there is new technology created so that it has become natural if the country of China began to do that.
Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: poodle63 on May 04, 2019, 04:16:49 PM This is something that is understandable offcourse. But this time it looks like most the people are using the e payment system. My brother is 10 years old and he has already used e payment system. That depends on the environment itself. Cash is really important to be used in our daily transaction but that remember with the development of technology there will be a possibility to pay anything without the fees. I rarely used physical cash and always used a digital payment system to pay anything. It's good while at the same time it doesnt seem good too.The only decision of China that I agree with , physical cash is very important , you cannot just take your cards everywhere with you even when you are going in street spree . This is really helpful for the people who are old , or the young kids who doesn't really have any connections to the e market. It's a harsh truth but we are taking away their freedom doing this * doing everything online * This is good what they did. Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: dominos on May 04, 2019, 04:21:57 PM I think China sees a very good opportunity from the existence of digital currencies such as cryptocurrency, they are the people of China always give appreciation and full support when there is new technology created so that it has become natural if the country of China began to do that. But they (Chinese government) are only giving support for the projects build by Chinese people and projects which are going to have R&D in China or China focused and here is the problem. Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: b3llsf1l3s on May 04, 2019, 06:17:30 PM This is something that is understandable offcourse. The only decision of China that I agree with , physical cash is very important , you cannot just take your cards everywhere with you even when you are going in street spree . This is really helpful for the people who are old , or the young kids who doesn't really have any connections to the e market. It's a harsh truth but we are taking away their freedom doing this * doing everything online * This is good what they did. With the current conditions, many non-cash payments do not mean cash payments must be written off / rejected. Both of these can now be alternative ways of being mutually beneficial. Isn't it with the current internet era, newspapers are still published every day ? Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: Kiweikoo on May 06, 2019, 05:41:59 AM And what's makes you think that it is best for electronic payment to replace the cash we have been making use of for a very long time? If that's what you think then you're wrong. Electronic payment must not replace cash and I am in support of that. Yes electronic payment is good and it makes transactions, but cash is still important and in some cases you're still going to need cash.
We should really be making use of our senses a lot of times in this. And I know that some dumb people are in support of electronics payment replacing cash because they think that bitcoin will become our currency, lol. That's never going to happen even in their next life. Let us be true to ourselves, everything has its important, sometimes you hardly know about the importance of something until it is gone. Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: prtty2gal2 on May 06, 2019, 11:09:18 AM I think the decision is reasonable. National currency should be accepted whatever its form. China's government in this case is very protecting their citizens rights. Spirit to become cash less society is not meant that we pretend that cash money ignorance is right thing. There is no cashless policy that can even gain full implementation, how can one impose a technology that cannot even be understood by illiterates or people that knows nothing or little about technology, before epayment can really become fully operational, it means the issue of illiteracy that has consumed a lot of citizens worldwide and depriving them of technology benefits must be sorted out first.If that can be sorted out, then we can think if gradually replacing cash system with a cashless policy using cryptocurrency which I believe will still be the best means of transacting business over the internet. Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: Snaic on May 10, 2019, 05:01:02 PM This is a very wise reminder of the Chinese government. Some are so enthusiastic about cryptocurrency that they consider it a panacea for all economic and financial issues. Far from it. The old system of financial relations has been formed for thousands of years and it will be a great folly to destroy it and this may entail irreversible negative consequences.
The national currency must continue to exist. This is a prerequisite for the existence of the state itself. Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: iv4n on May 10, 2019, 05:58:20 PM First that this article is not about crypto at all, its about e-payments, from their banks. It`s funny that years ago some merchants didn`t accept any kind of cards, just cash, now we have a time when some stores don`t accept cash just cards.
It would be even more funny if they have merchants that accepts only crypto and nothing else. That would be a great story to read about. Anyway you can see how some society is making a progress by this article, first cash no cards, now cards no cash, tomorrow no cards just crypto! I`m looking forward to see that news! Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: Ozero on July 21, 2019, 07:02:54 AM It really is. The economy of any state will develop faster if there is a large turnover of both cash and non-cash national money. The Chinese government is very concerned about the state of its financial system and does not trust the decentralized cryptocurrency. Therefore, they are looking for their own way of using it. In this regard, China has always stood apart from other states.
Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: Tylev on August 29, 2019, 04:13:41 PM Of course, we should not refuse old means of payment, including cash. They should occupy their niche in the common financial system and work together from their relatively new types, such as electronic payments and cryptocurrency. It should be remembered that electronic payments and cryptocurrency are almost entirely dependent on the availability of the Internet and various technical devices, which can sometimes malfunction and simply may not always be nearby. And not all people due to various objective and subjective reasons will be able to use these technical devices. All new payment systems must pass a lengthy test of time.
Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: Vishnu.Reang on August 29, 2019, 04:48:43 PM It is rather strange. When many of the countries are moving towards a cashless economy, China seems to be moving in the opposite direction. Actually I am a big supporter of physical cash. No other methods of payment can offer the level of anonymity that banknotes offer. Here in India, mobile payment methods are very popular now, but whenever possible I try to make payments with physical cash. Let's support the right to remain anonymous!!
Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: AjithBtc on August 29, 2019, 05:37:34 PM It is rather strange. When many of the countries are moving towards a cashless economy, China seems to be moving in the opposite direction. Actually I am a big supporter of physical cash. No other methods of payment can offer the level of anonymity that banknotes offer. Here in India, mobile payment methods are very popular now, but whenever possible I try to make payments with physical cash. Let's support the right to remain anonymous!! Almost every country have gone cashless, China being one among the country that went digital earlier than other countries now standing against cashless ecosystem and moving back to physical currency seems a different thinking. Already alipay and most of the services use their own native applications for Payments. Maybe this could've affected their economy. This could've been the reason for the decision of China.Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: carlfebz2 on August 29, 2019, 05:43:57 PM It is rather strange. When many of the countries are moving towards a cashless economy, China seems to be moving in the opposite direction. Actually I am a big supporter of physical cash. No other methods of payment can offer the level of anonymity that banknotes offer. Here in India, mobile payment methods are very popular now, but whenever possible I try to make payments with physical cash. Let's support the right to remain anonymous!! Almost every country have gone cashless, China being one among the country that went digital earlier than other countries now standing against cashless ecosystem and moving back to physical currency seems a different thinking. Already alipay and most of the services use their own native applications for Payments. Maybe this could've affected their economy. This could've been the reason for the decision of China.oppose on such thing but come to think that they are the ones who mainly switch up into that new system and now they are talking against it? What kind of thinking they do had? lol Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: lixer on August 30, 2019, 01:27:50 PM It is rather strange. When many of the countries are moving towards a cashless economy, China seems to be moving in the opposite direction. Actually I am a big supporter of physical cash. No other methods of payment can offer the level of anonymity that banknotes offer. Here in India, mobile payment methods are very popular now, but whenever possible I try to make payments with physical cash. Let's support the right to remain anonymous!! First and foremost, based on what is said in the article, it was never stated that it has against law not to use physical cash, they only say that it is against law to reject it, it means no matter the electronic payment, when someone has cash as alternative, it would be illegal for the receiver to reject it because the country still recognizes it too, but that does not mean they don’t support e payment, in many countries, they might also have their policy that no one can reject physical cash.They have their own alipay and them also planning right now to introduce their own cryptocurrency, so what it all that for if they are really going the opposite direction, I don’t really think that they are. For cash, what is anonymous about the use of cash mate. Please explain that better here. Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: Pab on August 30, 2019, 04:01:45 PM Tell people in Germany that they can use only electronic money.You will see so much negative answer.Wealthy people in Russia have suitcases of euro and dollars under his bed
Electronic money means spying and electronic money are stored in banks accounts People more and more do not trust banks.That is biggest bitcoin advantage of bitcoin that person is owner of his own money At least in Europe you can find a lot of placesi where you can pay only in cash I am living in Europe.Banking here is night mare and very often i can't withdrawn money from ATM because something doesn't work Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: bryant.coleman on September 03, 2019, 03:02:46 AM It is rather strange. When many of the countries are moving towards a cashless economy, China seems to be moving in the opposite direction. Actually I am a big supporter of physical cash. No other methods of payment can offer the level of anonymity that banknotes offer. Here in India, mobile payment methods are very popular now, but whenever possible I try to make payments with physical cash. Let's support the right to remain anonymous!! Almost every country have gone cashless, China being one among the country that went digital earlier than other countries now standing against cashless ecosystem and moving back to physical currency seems a different thinking. Already alipay and most of the services use their own native applications for Payments. Maybe this could've affected their economy. This could've been the reason for the decision of China.I don't think that digital payments can have a negative effect on the economy. From what I have heard, those who don't have digital payment options (especially the elderly) were facing a lot of issues, as some of the stores and vendors were refusing to accept physical cash (currently many of the digital payment options do have attractive promotional offers for both the merchants and the clients). There is no other reason for the government to discourage them, given the fact that almost all of these payment processors are based in China. Countries such as India are currently encouraging digital transactions, as most of the unaccounted money is being held in physical cash. The anonymity offered by banknotes is a major headache to governments in third world nations, including India. They have even introduced threshold limit, above which an individual won't be able to do the transaction in physical cash. And as per reports, any transaction above $3,000 needs to be done through the digital methods. Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: lumierre on September 03, 2019, 06:55:15 PM It is rather strange. When many of the countries are moving towards a cashless economy, China seems to be moving in the opposite direction. Actually I am a big supporter of physical cash. No other methods of payment can offer the level of anonymity that banknotes offer. Here in India, mobile payment methods are very popular now, but whenever possible I try to make payments with physical cash. Let's support the right to remain anonymous!! They lie. Whatever the government of China can say, there is a proved information that this country with the largest number of people living there ( and many of them are extremely intelligent and have a great education) is launching their crypto. It will be something like a digital national currency. As it is said, 7 ot even 8 well-known world companies will support new crypto. Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: davinchi on September 04, 2019, 08:47:30 AM The biggest reason why china doesn't want to move to cashless society is that it could result in two things ; one if you go too digital than people may start to use crypto and other digital currencies that are not owned or controlled by China and as a country that is basically full on dictatorship it is not possible to let people have their own economical freedom, government has to take a look at everyone's finances and peoples money is basically governments money whenever they want to, remember this is a huge country but also fascistically controlled like 1984 type situation.
Secondly, if digital cashless society gets too big than people could pay Chinese crypto instead of dollars and that might have a bit of trouble, moving crypto out of country is harder than moving dollars because dollar is accepted all around the world whereas crypto doesn't have that adoption rate yet. Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: MonsterV on September 04, 2019, 02:11:26 PM This is something that is understandable offcourse. But this time it looks like most the people are using the e payment system. My brother is 10 years old and he has already used e payment system. That depends on the environment itself. Cash is really important to be used in our daily transaction but that remember with the development of technology there will be a possibility to pay anything without the fees. I rarely used physical cash and always used a digital payment system to pay anything. It's good while at the same time it doesnt seem good too.The only decision of China that I agree with , physical cash is very important , you cannot just take your cards everywhere with you even when you are going in street spree . This is really helpful for the people who are old , or the young kids who doesn't really have any connections to the e market. It's a harsh truth but we are taking away their freedom doing this * doing everything online * This is good what they did. That's because your government and environment fully support digital payments. Everyone transacts from store to store, if everyone who owns a business does not play an active role in developing digital payments, then it's useless for government to support new generation. Digital payments are more developed in developed countries, because on average these countries compete with other developed countries, so inevitably government must encourage all businesses to switch to digital payments. But we cannot force everyone to use digital payments, because that is right of each person. Especially people in villages far from the city, most of them are technologically illiterate. Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: senin on September 05, 2019, 05:33:50 AM In general, this is a smart decision, with which I completely agree. Cash turnover contributes to the growth of the state economy. Electronic money is tied to various technical means and the work schedule of various financial institutions and may not always be applicable. Therefore, cash should work in every state and should not be forgotten.
Title: Re: China says rejecting physical cash is illegal amid e-payments popularity Post by: binhvo1505 on September 05, 2019, 06:35:30 AM In my opinion, they are doing exactly what they have. China has been famous for manipulating currency values. They often undermine their value when there is a tax crackdown with the United States and other events in previous years.
That's why they always worship fiat money and oppose a cashless society. |