The central bank punishes the refusal of cash, and digital renminbi and cash will coexist for a long time

  The People's Bank of China regularly exposes its refusal to accept RMB cash.

Recently, the People's Bank of China announced the penalty for refusal to accept RMB cash in the third quarter of 2021.

  On October 29, the person in charge of the relevant department of the central bank stated to China Business News that the rectification of the rejection of cash is a basic project of the People’s Bank of China to serve the people.

Cash has irreplaceable advantages in ensuring the fairness of public payment rights and stabilizing public payment demand in extreme situations such as major natural disasters. It is the most basic payment method in China.

  In recent years, with third-party payment methods gaining popularity, cash payments in multiple scenarios such as shopping, dining, car use, and ticket purchase have gradually been replaced by mobile phone scanning codes.

At the same time, some new problems have arisen in the use of renminbi cash in the circulation sector. For example, some consumers are refused to accept renminbi cash when they consume at merchants in tourist attractions, catering, retail and other industries.

  In the third quarter of 2021, the People's Bank of China imposed economic penalties on 13 units that refused to accept cash and related persons responsible in accordance with the law. The penalties ranged from 1,000 yuan to 500,000 yuan.

The units being punished include public service agencies such as transportation, water and electricity, as well as large-scale supermarkets, scenic spots, parking lots, and insurance companies.

  The above-mentioned person in charge stated that at present, China has formed a diversified payment tool system in which cash, bank cards, Internet payment, and mobile payment coexist. At the same time, a digital RMB pilot program is being carried out in some regions. Different payment tools have their own advantages and better meet different requirements. The payment needs of market players.

  With the steady progress of the digital renminbi pilot, another question of public concern is: will the digital renminbi replace cash in an all-round way in the future?

  In fact, the central bank has repeatedly publicly responded to the above issues. No unit or individual must refuse to accept cash. Consumers must protect their choice of payment methods; electronic payment is not a reason for rejecting cash; digital renminbi will be parallel to cash in the future , Will not have a major impact on the existing financial system and the real economy.

  The person in charge of the relevant department of the central bank emphasized to reporters that in the future, digital renminbi and cash will coexist for a long time.

The People's Bank of China will adhere to the concept of finance for the people and benefit the people, support the coordinated development of various payment methods, give full play to the advantages of various payment methods, respect the public's right to choose, and create a harmonious cash circulation environment under diversified payment methods.

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