China Central Bank Comments Against Cashless Payments

China’s central bank said on Monday that it is still illegal to reject cash as a form of payment, despite the rapidly growing adoption of cashless payment methods such as Alibaba’s Alipay and Tencent’s WeChatPay.

 

In a post on its official WeChat account, the central banks said that such practices could eventually could cause the loss of confidence in physical money and was unfair to those not accustomed to electronic payments.

 

The central bank also cautioned that while some local authorities are promoting advancements with taglines like “cashless city”, this should not mean that they no longer accepted money.

 

Source: Reuters