The US city of Philadelphia has joined both the states of Massachusetts and New Jersey in the introduction of new laws concerning how cash can be utilized in retail stores.
From July of this year, most Philly retailers are now required to accept cash, as the city cuts down on electronic retailing. The Democrats’ new law is aimed at allowing those residents without credit or debit cars to be able to make easy payments.
The concern amongst some cryptocurrency circles is that this may have a drip down effect on crypto adoption and indeed its continued use in US cities if it becomes a widespread phenomenon. New York City councilman Ritchie Torres told the Wall Street Journal that despite these recent moves he still sees electronic payment as the future and was “not a fad”.
Massachusetts requires all stores to accept cash, while New Jersey has taken a further step by banning cashless stores altogether in an attempt to keep cash in circulation and retain paying cash as a service to those who have no other means of payment.
As Bitcoin News reported this week, retail chain Kroger has axed their Visa credit card payments due to excessive fees. This has somewhat opened the door for other payments apart from cash, such as Bitcoin or other cryptocurrency alternatives, although transfer time still remains an issue. This continues to remain a dilemma for crypto in its efforts to become a natural successor to cash; although many see stable coins offering a payment solution to rival cash in the future.
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