Fun fact about the "cashless society" in China: the government is actively opposing it.
Translation: "Refusing to accept cash is illegal. Protect the legal tender status of the RMB"
Translation: "Refusing to accept cash is illegal. Protect the legal tender status of the RMB"
Here's an article (Chinese) that describes their reasoning: zmdnews.cn/showinfo-93-48… (unfortunately it's down as of this moment)
Important caveat: opposing at the present time, not in principle forever.
Approx arguments:
* Protecting RMB's ability to smoothly circulate necessary to protect legal tender status
* Protect consumers' right to choose different payment media
* Differences b/w regions are large, urban/rural development is uneven, consumer payment needs still diverse
* Protecting RMB's ability to smoothly circulate necessary to protect legal tender status
* Protect consumers' right to choose different payment media
* Differences b/w regions are large, urban/rural development is uneven, consumer payment needs still diverse
NOT anywhere in the reasoning:
* Anti-monopoly concerns
* Privacy
* Anti-monopoly concerns
* Privacy
