New York City Stores Must Accept Cash Council Says

[mu_enrico]

This is precisely the same law as in my country (and in any other countries CMIIW). Stores must accept the national currency (in this case, dollar). Since the dollar has two forms, i.e., paper cash and digital, stores must take both as payment.

Thou shalt not reject the dollar!

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[stompix]

Exactly.  That population is by no means negligible.  Some people beg for their meals or collect pocket change, and how are they supposed to pay for things if society goes completely cashless?

They might actually be better off with a cashless society.
I found myself sometimes willing to give a few euros to some beggers which were clearly not "professional" ones but I didn't have small change, so:



And it's not just China or Sweden but also the UK

Not only is it cheaper for the merchant but it's sometimes more convenient for some people, plus you have to deal with problems like the power going out or not being able to connect to the payment processor.  What do you do in situations like that--not make sales?  That's crazy.

Let me see how can I reply to shit without making one novel out of it.
Both systems are a pain in the ass !!!

My family has kept s a small shop for out products (meat) because of the ambition of my father to still sell to the average joe customer and not only to a big reseller
Of course, since most of the customers in that small shop are elderly people who want to buy fresh products they deal obviously with cash, and here comes the shitload of problems.

You must ensure that you have change and a lot of change because if it's the first month after the pension payments you will get only big bills so be ready to have small bills equivalent to almost all your merchandise.
Second, you need a camera because always there will be at least two or three arguings that they didn't receive the right change or you might end with the cashier taking a few bills (not even mentioning if she takes all the money at the end of the shift, and yeah that shit happened and imagine in one day losing close to 2000 euros, having to file police complaints, having to see a judge, a prosecutor and then closing shop till you find a new cashier...)
And, if you think you're avoiding banks, no you must deposit all the income for the day to a bank or if you don't want your employee to wonder to the other side of town with that bunch of bills get ready for a 200euro/month plan for cash pick-up.
Yeah, without cash probably we would close it down altogether with at best 10% of the clients switching to a card but no, dealing with cash is not as easy as it might seem.

No - they're banning cashless retailers because of the very real risk that if credit card terminals are hacked, or the electricity grid is hacked, the whole economy goes down.

If the electricity goes down you will stop selling even when dealing with cahs because your cash register will go down also and I would be risking a 5000 euros fine for selling without a receipt.

[justdimin]

Same news broke out in China as well if I am not wrong a few times back, or it could be some other country, I don't see this as something bad. New York is known for their hard regulations on crypto and that is why not many crypto related places are based in New York (there are few of course) but reality is that you should not reject cash payments is something done against cards more than crypto.

There are plenty of places that accept just debit/credit cards nowadays and not take any cash, we have that here in our nation as well, they don't accept cash and I was walking around with a lot of money because I wanted to buy a computer and those usually cost a lot of dollars, they rejected it and made me go to an ATM, put it on my card and comeback to buy it which was weird, it is good that cash is an option that is forced for those cases.

[South Park]

Cash is here to stay for a long time. And i dont undestand hate around it, let people decide what to use

Most of the time the hate comes from the governments themselves, if all transactions were made using a digital medium then they will have a way to monitor everything that you do, this particular news about New York saying that stores needs to give the option to accept cash as well to their customers is very interesting because it goes against decades of efforts to try to push people to use digital options and it could be the beginning of a new tendency.

[barbara44]

Technology is good and cryptocurrency is good and they make things to be really fast. But seriously, I don’t know why some people here are fond of posting hate topics about cash. You have chosen to make use of cryptocurrency and no one is disturbing you or saying about it and you’re using it freely, why then is it a pain in your ass that others have decided to be making use of cash?

You should focus on what’s best for you and stop minding what others wants to be using, it’s simply none of your business, same way what you are using is none of their business. Among me and my friends and family, I am the only that’s making use of cryptocurrency, because they are not interested in it. I don’t say anything about it to them and they also don’t care what I use, and yes they all know about cryptocurrency but they are just not interested. As simple as that.

[Kimonoe]

Cash is here to stay for a long time. And i dont undestand hate around it, let people decide what to use

Most of the time the hate comes from the governments themselves, if all transactions were made using a digital medium then they will have a way to monitor everything that you do, this particular news about New York saying that stores needs to give the option to accept cash as well to their customers is very interesting because it goes against decades of efforts to try to push people to use digital options and it could be the beginning of a new tendency.

providing services to receive fiat currencies, is an effort of the government to protect its people, making it easier for the people in terms of payment methods, perhaps this effort to encourage economic improvement so that more smoothly. but I think one day will use a full digital system

[CarnagexD]

This is precisely the same law as in my country (and in any other countries CMIIW). Stores must accept the national currency (in this case, dollar). Since the dollar has two forms, i.e., paper cash and digital, stores must take both as payment.

Thou shalt not reject the dollar!

It's kind of sad how this is going on right now. Most officials see cryptocurrencies, even digital currencies in general as a nemesis of the state. They see this modes of payments as something that could cause an economic collapse that is why they're trying everything in their power to stop it's progress. They're trying to ban these innovative currencies indirectly or directly empowering the 1% of people that are on top of the money ladder.

[Mometaskers]

Well it's good that the argument they made is that it discriminates against the poor, that will make it harder for businesses to argue against it since they'll be called anti-poor.

Businesses in general would prefer that all purchases are made using credit cards and other electronic payment - no money that can be stolen by staff or robbers and no need for them to physically deposit the earnings in the bank.

In the meantime, this meant the few people who are paranoid of cash disappearing would still be able to use them.

[South Park]

Cash is here to stay for a long time. And i dont undestand hate around it, let people decide what to use

Most of the time the hate comes from the governments themselves, if all transactions were made using a digital medium then they will have a way to monitor everything that you do, this particular news about New York saying that stores needs to give the option to accept cash as well to their customers is very interesting because it goes against decades of efforts to try to push people to use digital options and it could be the beginning of a new tendency.

providing services to receive fiat currencies, is an effort of the government to protect its people, making it easier for the people in terms of payment methods, perhaps this effort to encourage economic improvement so that more smoothly. but I think one day will use a full digital system

There is no doubt that in the future all the purchases will be made using digital currencies but we are still far away from reaching that day, there is still a lot of poverty around the world and most of those people do not have access to electricity or the Internet and I doubt this is going to change dramatically during the next years so businesses should accept cash until we come to that point in time, but also for all of us that care about our privacy this is a good law that allow us to retain some privacy in a world that seems to be against it.

[wheelz1200]

That might have something to do with the fed coming down on them for killing off any trends.  The federal reserve is a business of making this paper so I'm sure they  have every reason to lean on people that support moving away from paper.  I mean that is there business model so no doubt they will curb moving away from it.

[hello_good_sir]

This probably has more to do in terms of trying to preserve the legal tender status of fiat that underlies its value more than anything else.

We're seeing similar things in China as society edges closer and closer towards a completely cashless one. The government and central banks are reluctant to give up control in terms of the operation of monetary policy, which can be severely hindered by many private providers of remittance services.

So it's certainly not surprising news by any measure. In fact, it's quite expected.

[panganib999]

Cashless societies being progressive leftist movements. It is curious to see one of the most progressive and left leaning states in the entire USA adopt policies which buck the trend. Ditto with leftist progressive california mirroring these anti cashless society paradigms.

I don't suppose they're doing this to make life easier for illegal immigrants who may not have access to debit cards or bank accounts?

No - they're banning cashless retailers because of the very real risk that if credit card terminals are hacked, or the electricity grid is hacked, the whole economy goes down.

In the UK, we've had several instances of banking IT going down, which means no-one can use the cards from the bank. If you have no cash at hand, you can't pay for food and petrol during the downtime.

You must always build fail-safes into a system - and cash is a fail safe.

It is true that some other countries or places, prefer a cashless transaction because they think that it is more secured and safe. Although it is faster and reliable, you can use it whenever and wherever you want if a certain company or shop allows you to access your accounts and use it as a form of payment. That's not even impossible because our technologies are continuously developing for years and we have nothing to do about it. We need to adopt from the advantages of being millennial that all things in our surroundings are easier to use, means "high-tech". But you've said that the only problem in a digital currency is that it is prone in being hacked. You should also make safe transactions and plans to prevent yourself from being scammed while using a card.

But tangible cash is still required because digital money or wallet can be hacked easily if the security of that account is weak. People is required to keep their account highly secured so that people will be comfortable using digital money. The digital and tangible cash have cons like it is both can be stole by another people, it is very hard to safe if what is the most preferable way of transacting money. It is good that New York make some way like accepting only digital money, but it is unfair for those people who live in that and used to pay with cash. The thing they do will only benefit the immigrants who have nothing to do to convert their money.

[frank0ly]

It seems to me that the rejection of cash will be rushed. I have nothing against it. But there are many other people who do not have the opportunity to have a debit card.
But I agree that cash is a bit outdated. Therefore, I think that in the near future, people will use stablecoins. Bitcoin is not quite suitable for this because of the changing price.

[Janation]

It is said that usually credit cards are being hacked, maybe that is the reason.

Though this would be hard for some since people usually do not want to bring any cash with them so they can travel without worrying with it. It might be the case but they need to follow this new law. It is not that they are not open to new technologies but there is a problem at hand.

[RealMalatesta]

It is actually alright that cash has to be accepted, but we need more options, cash is fine, credit cards and debit cards are fine, back in the day there was check (or cheque, don't know how people write it, but that piece of paper you write money and give to others to withdraw), nowadays we have to actually improve that number and add in crypto to that as well, I know there can't be a law that says "you have to accept bitcoin" because it is both new and governments really don't really care about the bitcoins situation but in order for adoption to increase there needs to be some sort of incentive as well.

Why would a shop that is forced to accept cash would just feel like they should offer option of bitcoin if they don't know what bitcoin is properly? We need to increase bitcoin as an option and not focus on diminishing dollar.

[tbterryboy]

It is actually alright that cash has to be accepted, but we need more options, cash is fine, credit cards and debit cards are fine, back in the day there was check (or cheque, don't know how people write it, but that piece of paper you write money and give to others to withdraw), nowadays we have to actually improve that number and add in crypto to that as well, I know there can't be a law that says "you have to accept bitcoin" because it is both new and governments really don't really care about the bitcoins situation but in order for adoption to increase there needs to be some sort of incentive as well.

Why would a shop that is forced to accept cash would just feel like they should offer option of bitcoin if they don't know what bitcoin is properly? We need to increase bitcoin as an option and not focus on diminishing dollar.

Actually the globe is getting digital. Cash payments are traditional means of payments but now, they are been overruled by several online applications which of course are centralized and gives the ease to the customer to pay with just a few clicks. PayPal might be the one of those digital platforms which have made payments easier.

Use of such digital wallets should first dominate the markets and after this era, we could start implying crypto payments into the monetary systems as people would come to know that being digital in terms of sending and receiving payments can actually be easier and beneficial. Let the world first experience this with the centralized digital wallets.

[wozzek23]

It is said that usually credit cards are being hacked, maybe that is the reason.

Though this would be hard for some since people usually do not want to bring any cash with them so they can travel without worrying with it. It might be the case but they need to follow this new law. It is not that they are not open to new technologies but there is a problem at hand.

It does not matter what any individual thinks or feels reliable but once the government applies any laws and regulations, each citizen have to follow those or they might even need to pay for violating these laws.

Cash transactions are the easiest ones but I feel like those are a lot outdated. There have been such advanced means of payments and why are we yet using cash payments everywhere? Perhaps this might be good in parts of countries where population is in excess amount as there would be a need of quick payments in these situations and I guess New York comes under the same. This might be the reason why government made cash compulsory in these parts of nation.

[Janation]

It is said that usually credit cards are being hacked, maybe that is the reason.

Though this would be hard for some since people usually do not want to bring any cash with them so they can travel without worrying with it. It might be the case but they need to follow this new law. It is not that they are not open to new technologies but there is a problem at hand.

It does not matter what any individual thinks or feels reliable but once the government applies any laws and regulations, each citizen have to follow those or they might even need to pay for violating these laws.

Cash transactions are the easiest ones but I feel like those are a lot outdated. There have been such advanced means of payments and why are we yet using cash payments everywhere? Perhaps this might be good in parts of countries where population is in excess amount as there would be a need of quick payments in these situations and I guess New York comes under the same. This might be the reason why government made cash compulsory in these parts of nation.

And the government are not that ready for that kind of system.

There is a problem and the fact that they can't quickly find a way or a solution to end that problem, we can conclude that they are still not ready. We can't force anything even though they are easy and efficient. If that will be giving a problem to people and the government, then it is a risk that a leader would think should be lessen or stopped.

[fiulpro]

The problem is advancement is necessary but at the same time you are supposed to consider the needs of the people , some are not that advanced to use the online application for payment , considering my personal experience my father still don't understand the concept of mobile banking.
You cannot just exclude those people out , cash has been there for ages and it is right only to keep it in the following future because let's be honest guys 7.53 billion is the population and only 3.1 billion active smartphones are registered (considering how one person can own as many as they want) so more likely more than half of the people on Earth still live by the old times.

[DoublerHunter]

I am very familiar with this news. Probably, I have read it somewhere over the internet. I really find it confusing why do New York is based on restos and hotels are not accepting hard cash any more. They have to understand that not all of the people are reliant on cashless transactions. Some of the people who still stay in cash transactions might be the people who were scammed, hacked by the digital crooks before and started having traumas using their cashless payment methods. Nevertheless, their approval for this law is really a very helpful one. Traditional cash must always be in present even as the alternative.