Outlawing Cash?

From the July 12, 2017 Wall Street Journal: “VISA has a new offer for small merchants: take thousands of dollars from the card giant to upgrade their payment technology. In return, the businesses must stop accepting cash.”

Last time I checked cash was “legal tender for all debts, public and private.” How can a business not take cash?

I have a VISA card, but I pay for most of my purchases in cash. Helps keep me from over spending, which would be fine with VISA. They want me to overspend.

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5 thoughts on “Outlawing Cash?

  1. I also wonder whether VISA’s monopoly would require customers to only use their card, cutting out MasterCard, Discover, et al.

    Doesn’t seem legal, but what do I know?

    • It might not be legal, yet. I’ve been wondering when somebody “big” would start pushing for the removal of cash transactions. I suspect we’ll see more things like this though by others if this gets any traction.
      And don’t forget lobbying, that can change the legality of something pretty darn quick these days…

  2. Not long ago I read in NYT Sunday about the fellow on dark web doing a bitcoin scan. The judges’ words at sentencing were great. He’ll be in jail a loooong time. I’m with you. Sounds like a terrible monopoly.

    By the way – love the Stonehenge painting. Don’t believe I’ve seen it before.

  3. The government is actually pushing to kill cash. It’s expensive to create, especially coins, and there isn’t enough cash for everyone in the U.S. Besides, the NSA, DEA, HS, FBI, etc. etc. want to be able to track everything you do and buy because they all assume we’re criminals.

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