Chinese Central Bank Commits to “Eradication” of Refusal to Accept Payments in Cash

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The People’s Bank of China (PBOC) has committed to upholding the status of physical cash in the Chinese economy, despite the surging adoption of digital payments platforms as well as ongoing trials of its own central bank digital currency (CBDC).

On 22 February the National Development and Reform Commission (NDRC) and PBOC jointly issued a warning on the issuance of administrative penalties to market entities for refusal to accept payments in cash in the fourth quarter of 2021.

PBOC said that it is committed to “upholding the statutory position of the renminbi, and eradicating any refusal to accept renminbi cash.”

The two authorities said that they would continue to standardise and increase the convenience of renminbi usage, as well as pragmatically protect the lawful right of members of the public to the reasonable, secure and easy usage of cash.