Retailers and banks have been pushing us to use contactless payments and online services for hygiene reasons. But many older, abused and unbanked people still depend on cash. What will happen to them?
Bizarre.
I was under the impression that for those in the USA, unlike the UK where this occurred, it’s unlawful to reject fiat currency as payment. However, a quick search query reveals this to be false: the federal reserve website says “There is no federal statute mandating that a private business, a person, or an organization must accept currency or coins as payment for goods or services. Private businesses are free to develop their own policies on whether to accept cash unless there is a state law that says otherwise.”
For the curious.
Paper money has a lot of issues to be sure, but phasing it out seems severely myopic imho.
Bizarre. I was under the impression that for those in the USA, unlike the UK where this occurred, it’s unlawful to reject fiat currency as payment. However, a quick search query reveals this to be false: the federal reserve website says “There is no federal statute mandating that a private business, a person, or an organization must accept currency or coins as payment for goods or services. Private businesses are free to develop their own policies on whether to accept cash unless there is a state law that says otherwise.” For the curious. Paper money has a lot of issues to be sure, but phasing it out seems severely myopic imho.