The Bill will provide for the enduring use of cash as a private, accessible, and reliable method of payment.
“People who rely on cash due to barriers to digital banking deserve assurance that cash will be preserved in the increasingly digital world”, New Zealand First Leader Winston Peters’ says.
The “Cash Transactions Protection Bill” would mandate vendors in trade to accept cash payments for goods valued up to $500.
The Bill acknowledges that cash is a critical tool for vulnerable populations like those in
rural communities, the elderly, and low-income earners who may experience barriers to digital banking. It mandates that vendors accept cash payments and have sufficient cash infrastructure to support access to cash and its circulation.
“The Bill ensures that New Zealander’s maintain freedom of choice in how they pay, preserving cash as what it should be: an enduring private and reliable option”, says Mr Peters.
“By protecting the sanctity of cash transactions, the Bill upholds personal privacy, maintains sovereign control over New Zealand’s monetary system, and lessens the risks posed by digital-only payment systems.”
Daily Telegraph New Zealand (DTNZ) is an independent news website, first published in October 2021. - where this article was sourced.
The “Cash Transactions Protection Bill” would mandate vendors in trade to accept cash payments for goods valued up to $500.
The Bill acknowledges that cash is a critical tool for vulnerable populations like those in
rural communities, the elderly, and low-income earners who may experience barriers to digital banking. It mandates that vendors accept cash payments and have sufficient cash infrastructure to support access to cash and its circulation.
“The Bill ensures that New Zealander’s maintain freedom of choice in how they pay, preserving cash as what it should be: an enduring private and reliable option”, says Mr Peters.
“By protecting the sanctity of cash transactions, the Bill upholds personal privacy, maintains sovereign control over New Zealand’s monetary system, and lessens the risks posed by digital-only payment systems.”
Daily Telegraph New Zealand (DTNZ) is an independent news website, first published in October 2021. - where this article was sourced.
1 comment:
In this day an age $500 is peanuts. If I want do away with an eftpos/credit card and purely use cash from my bank account, I should be able to. It is becoming harder to even withdraw cash from accounts, which doesn’t give one much faith in the banking system.
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