Chinese Central Bank Fines Five Businesses in Beijing for Refusal to Accept Cash Payments
The People’s Bank of China (PBOC) is ensuring that Chinese businesses continue to accept cash despite the rapid spread of mobile payments throughout the country’s economy.
On 23 April PBOC announced that it had fined five companies in Beijing for refusal to accept cash payments, including Easy Car Life (北京易车生活汽车服务连锁有限公司, Beijing Pingrun Xinhe Car Services (北京平润信和汽车服务有限公司), Beijing Youpin Jiashang (北京优品家商贸有限公司), Beijing Liandong Jinqiao Real Estate Co., Ltd. (北京联东金桥置业有限责任公司) and Beijing SMI International Cinemas (北京阳光星美国际影院管理有限公司).
Since July 2018 the China’s central bank has stepped up the pressure on refusal to accept cash payments throughout the country, focusing in particular upon the tourism, restaurant, retail and transit sectors.
On 13 July PBOC issued a public announcement declaring that no entities or individuals are permitted to refuse cash payments, and that such refusal or the adoption of related discriminatory measures to exclude cash payments comprises illegal conduct.
The announcement called for rectification of such conduct within one month of its issuance.