The Wall Street Journal (WSJ) informs that Philadelphia wants to pass a law supporting … cash. All outlets in the city will have to accept bills from July. Politicians perceive these provisions as a way to protect people who do not have credit or payment cards.
However, WSJ also defines this step as an attempt to combat e-payments. He claims Philadelphia goes to war with non-cash transactions. Is not that too much?
Councilor from New York, Ritchie Torres, admits that non-cash payments are the future, but nevertheless supports the proposal that local companies must also accept cash. The representatives of other states and cities in the USA think similarly. Massachusetts requires, for example, that all stores accept cash, and New Jersey simply prohibits the existence of stores where only non-cash transactions are in force.
It is strange movements, but the world is today strongly divided, not only on the topic of cryptocurrencies, but also e-payments in general. When we look at Sweden, only 1% of the transaction takes place using cash. The situation is different in Japan, where – depending on the research – 70-80% of purchases take place via paper banknotes and metal coins. In the case of the Land of a Blossoming Cherry, this is the result of the fact that the majority of the population are older people who are less familiar with smartphones and cards.
Visa – no, BTC – yes!
Some companies even want to give up card payments. Kroger giant does not want to accept Visa cards in many locations, because transactions are too expensive at the macro level. Such situations create an opportunity for cryptocurrencies.
The recent situation with Starbucks, which is the giant of the market is to open this year for crypto-payments, shows clearly that the largest companies may want to accept cryptocurrencies. Bitcoin acceptance is a bit risky due to the volatility of the exchange rate, though it is also easy to get around by companies like InPay. On the other hand, we also have stablecoins that can help in this particular case.
Bitcoin and other cryptocurrencies are fighting today for universal acceptance. Such activities, as now in Philadelphia, however, show how far the road ahead of us …