PBoC to punish those who refuse cash usage thestar.com.my - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thestar.com.my Daily Mail and Mail on Sunday newspapers.
PBOC to punish those who refuse cash in transactions By CHEN JIA | China Daily | Updated: 2020-12-16 09:15 Share The People s Bank of China. [Photo/Sipa]
The People s Bank of China, the central bank, said on Tuesday that it will investigate and punish institutions and individuals that refuse to accept valid bank notes and coins and reiterated that it would protect the groups/individuals who find it inconvenient to use electronic or other noncash payment methods.
It is also a measure to ensure that physical money can continue to be in circulation and is protected by the nation s laws, even as the digital yuan trials are accelerating. In the long term, bank notes (or coins), electronic payment platforms and the central bank s digital currency will co-exist, said a senior PBOC official who did not want to be named.
The long queues at automatic teller machines (ATMs) have become a rare sight as people in China are already accustomed to going out with mobile phones instead of wallets, and many can t even remember when they withdrew cash the last time.
Rather than visiting brick-and-motor banks, people, especially the younger generation, turn to mobile phones and computers since the Internet and apps cover most banking services.
Official data showed that the number of ATMs dropped by 68,600 from the end of last year to September, while 2,790 more commercial bank outlets were shut down in the first 11 months, following the closure of more than 6,280 over the past two years.
China s fintech innovation thrives in unusual year Xinhua | Updated: 2020-12-14 13:52 A visitor uses a robot capable of providing financial services during an expo in Beijing. [Photo/Xinhua]
BEIJING The long queues at automatic teller machines (ATMs) have become a rare sight as people in China are already accustomed to going out with mobile phones instead of wallets, and many can t even remember when they withdrew cash the last time.
Rather than visiting brick-and-motor banks, people, especially the younger generation, turn to mobile phones and computers since the Internet and apps cover most banking services.
Official data showed that the number of ATMs dropped by 68,600 from the end of last year to September, while 2,790 more commercial bank outlets were shut down in the first 11 months, following the closure of more than 6,280 over the past two years.
China s fintech innovation thrives in unusual year - People s Daily Online en.people.cn - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from en.people.cn Daily Mail and Mail on Sunday newspapers.