🇨🇳 China: anti-crypto central bank worried cash losing relevance
The People's Bank of China (PBoC) has issued concern about the declining use of cash for consumer transactions. Digital payment methods, particularly Alibaba's Alipay and Tencent's WeChat Pay, have become the exclusive medium of exchange across some pockets of China. As of early 2017, up to 90% of payments used fintech services, especially in tourist or highly commercialized areas. The PBoC has reminded merchants that regulations exist enforcing renminbi cash as legal tender.
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