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By ordering the banks to close their accounts. People are not holding significant portions of their wealth in physical cash outside of the banking system. Apart
by Godel_unicode 5y ago
By ordering the banks to close their accounts. People are not holding significant portions of their wealth in physical cash outside of the banking system. Apart from it being absurdly dangerous, there's also not anything like enough physical currency to do that. Not to mention investment accounts, deeds to property, etc.
Businesses being forced to accept all the risk and inconvenience of accepting cash to protect people from having their assets is somewhere between a security theater and a straight up pipe dream.
- bugbuddy 5y agoBusinesses should accept cash as a signal to potential customers that they are not some snobbish high-tech cashless only establishments. Also, there are a million other regulations that businesses have to deal with from license and insurance to the number of fire extinguishers. Asking businesses to accept cash is not a life-or-death decision from a business cost point of view. If anything, it means more potential customers and better PR.