Philadelphia Bans Cashless Businesses – Bad for Bitcoin?

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The Wall Street Journal reports today that Philadelphia is the latest jurisdiction to pass a law against not accepting cash. Most retailers in the city must accept cash beginning in July. Democrats are leading the charge on these laws, viewing them as a way to protect people who don’t have credit or debit cards.

PHILADELPHIA JOINS NORTHEAST CASH COALITION

Philadelphia’s not alone in its war on cashless businesses.

New York City councilman Ritchie Torres admits that cashless payments are the future but is nevertheless backing a proposal requiring local businesses to accept cash. He told the Wall Street Journal:

“I think it’s more the future than a fad, and that’s why there is a need for a legislative response.”

Massachusetts and New Jersey have statewide laws relating to cashless stores. Massachusetts requires all stores to accept cash, while New Jersey simply bans cashless stores altogether.

The laws have a decidedly Luddite thrust to them – you must use this ancient form of money because we say so. It doesn’t matter if it’s less efficient or puts your business at risk. All the while, the rest of the world is increasingly moving in the opposite direction. Sweden is leading the way to a cashless future, with just 1% of its yearly transactions happening in cash.

That said, credit and debit cards have their own set of problems. Kroger plans to stop accepting Visa at many locations because the transactions were too costly on a macro level. Such situations create an opportunity for cryptocurrency, in an ethereal sense. Major businesses accepting cryptocurrency is still not a normality, and it may never be.

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https://www.ccn.com/philadelphia-bans-cashless-businesses-bad-for-bitcoin