China says rejecting physical cash is illegal amid e-payments popularity

[umbara ardian]

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.

[BitHodler]

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....

[Dondont]

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

[Irvinn]

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.

[Spaffin]

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.

[coinplus]

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.

[Pattart]

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.

I don't think anyone can defeat technological developments, so does the government. when the government prohibits the use of digital currency, but when their society starts to advance they will certainly rebel and want payment in accordance with the era, and digital will increasingly spread throughout the world

[bitgolden]

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.

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.

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.

[upsidedown75]

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.

I don't think anyone can defeat technological developments, so does the government. when the government prohibits the use of digital currency, but when their society starts to advance they will certainly rebel and want payment in accordance with the era, and digital will increasingly spread throughout the world

Yes, cryptocurrency will advance and spread across the entire world but government can still not be overridden, because they have so much power that can make them to place a ban on it, so we cannot go into fight with Government, but we can gradually open their eyes to see the need to embrace the system as a second alternative that it is.

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.

[mersal]

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

[Adriano2010]

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.

[fullhdpixel]

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.

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

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.

[nur rochid]

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 government

[lobat999]

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 government

Of 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.

[pieppiep]

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 government

I think in the future there will be a lot of digital currency that will be created and I am very sure that paper money will not be used anymore because I see it is not efficient anymore, everything will be digital.

[usorin]

I do agree with the officials, i like digital money but nobody can reject payment with physical money.

[OrangeSeller]

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 government

Cash Is the most liquid asset and they can be used immediately in buying whatever you need. Electronic payment is only useful when we talk about distance. The whole purpose of technology is to make things easy for us and not to replace what has been. So I believe that they are right, electronic is good but must not replace cash. Our choices differs and everyone should have what they think is good for them. Since you think that making use of electronic is best for you,  then you are free to do that and stop tackling those that believes in cash,  do your thing while they do theirs.

[Romanianz]

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.

[Sithara007]

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.

[millgates]

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.