China shows concern over the loss of popularity of cash
The Popular Bank of the region recently made sure to be alert for the decrease in the use of fiduciary money in the world and mainly in the Asian country
This week, the People’s Bank of China (PBoC) was concerned about the decline in popularity and relevance of cash and fiat currencies against digital currencies.
In China, cash is having a less prominent role in the population every day, given the trend of using payment methods such as AliPay and WeChat Pay.
“In recent years, we have experienced problems with the circulation of cash, and the response of the people has been overwhelming. Consumers in tourist areas, restaurants and retail stores have seen their cash rejected, which has severely damaged the legal status of our currency and the right of consumers to choose between payment methods,“ said the Asian bank.
According to a report, 90% of the sales in the last months in China have been processed through the electronic channels and mobile applications of the fintech world. This trend shows that customers are increasingly willing to put aside the fiat money.
Given this situation, the People’s Bank of China is expected to take measures to prevent the digitalization of the economy in the Asian nation.
K. Tovar
Source: Coincrispy
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