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Recently, the People's Bank of China announced the penalty decisions for seven units that refused to accept RMB cash and related responsible persons since January 2024.
This is an important measure to safeguard the status of RMB as legal tender in the mainland, and is of great significance to standardizing the order of cash circulation and protecting the legitimate rights and interests of the public.
Refusal to accept cash payments in RMB has become a common practice for some business units, whether it is express delivery services, real estate transactions, food and beverage consumption or insurance purchases, some units openly refuse to pay in cash, requiring consumers to only use electronic payment methods.
This practice not only violates the mandatory universality of RMB as a legal tender in the mainland, but also infringes on the legitimate rights and interests of consumers.
As a matter of fact, the mainland's constitution and relevant laws clearly stipulate that the renminbi is the mainland's legal tender and that no unit or individual may refuse to use the renminbi as a legal means of payment.
Even in today's increasingly popular mobile payment and electronic payment, cash is still the most basic and common means of payment for the masses, and for some groups who cannot use electronic payment, refusing to accept cash payment is undoubtedly a kind of discrimination and exclusion.
Refusing to accept cash is not only illegal and unreasonable, but also has some potential risks and hidden dangers. Over-reliance on electronic payment will exacerbate the dependence on third-party payment platforms, which is not conducive to maintaining national financial security.
If there is a failure or network interruption in the electronic payment system, it will affect the normal payment process. For some groups such as the elderly and rural residents who lack the awareness and ability of electronic payment, the refusal to pay in cash is undoubtedly a kind of exclusion and discrimination.
Therefore, maintaining the status of the renminbi as legal tender is an important prerequisite for ensuring the country's financial security and healthy economic operation.
The People's Bank of China punished those units that refused to accept RMB cash in accordance with the law, safeguarding the authority and mandatory universality of the RMB.
This is not only a punishment, but also a warning, so that all business units can establish a sense of respecting and safeguarding the legal status of the RMB.
Those units that refuse to accept renminbi cash should be punished according to law and the legal status of renminbi on the mainland should be maintained. At the same time, it is also necessary to intensify propaganda so that more units and individuals can establish a sense of safeguarding the renminbi and consciously abide by relevant laws and regulations.
Although electronic payment is becoming more and more popular, cash payment is still the most convenient and convenient way for some groups such as the elderly and rural residents. Therefore, while promoting electronic payment, it is also necessary to respect the payment habits of the public and give them full choice.
The independence and security of the mainland's financial system is an important foundation for safeguarding national sovereignty and economic security. Over-reliance on third-party payment platforms is not conducive to maintaining national financial security.
Therefore, it is necessary to appropriately retain and develop cash payments to prevent them from being hijacked and curbed by the technology of other countries.
For example, in rural areas, the layout of bank outlets or cash self-service equipment can be appropriately increased to facilitate cash payment by rural residents; At the same time, it is necessary to strengthen the technical maintenance and upgrading of the electronic payment system to prevent large-scale failures and paralysis.
The renminbi is the legal tender of the mainland, and maintaining the legal status of the renminbi in the mainland has a bearing on the country's financial security and economic development, and no unit or individual has the right to refuse to use the renminbi for payment.
While increasing the intensity of punishment, the People's Bank of China should also further increase publicity, guide the whole society to establish a sense of safeguarding the status of the renminbi, and make joint efforts to create a payment environment in which cash and electronic payment coexist and develop benignly.