Published: Mon, March 11, 2019
Markets | By Otis Pena

Philadelphia Bans Cashless Businesses - Bad for Bitcoin?

Philadelphia Bans Cashless Businesses - Bad for Bitcoin?

In the age of cashless shopping and digital payments, Philadelphia mayor Jim Kenney thinks otherwise.

It will be the first major USA city to outright reject a trend that has seen more and more retail outlets, especially restaurants, move to only accept payments via credit or debit cards and mobile phones.

This week, Philadelphia became the first US city to ban cashless stores, The Wall Street Journal reports. Some transactions are reportedly exempt: parking lots, garages, businesses that offer memberships, rentals with security deposits, electronic transactions and goods sold only to staff.

The measure will go into effect on July 1. Other supporters-a camp which includes The National Retail Federation and The Chamber of Commerce for Greater Philadelphia- argue that cashless businesses are the future, and banning them doesn't advance the issue of getting low-income people access to cash-free payment methods. "Nearly 10% of Philly residents do not have credit", he wrote. The New Jersey Legislature is set to follow suit while New York City, Washington and Chicago are all investigating similar measures.

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'I can go into a coffee shop across from City Hall that's cashless and get my coffee and muffin, but the person behind me that has United States currency can't get the same cup of coffee. Greenlee also said that local stores will now be required "to do what businesses have been doing since Ben Franklin was walking the streets of Philadelphia". The company reportedly plans to open up to 3,000 of these stores throughout the USA over the next few years.

City spokesman Mike Dunn confirmed Amazon told the city the legislation would "impede" plans for a Go store.

It's unclear if Amazon Go could expand to Philadelphia.

Although the debate is still ongoing with the terms on the new law, one major company found this as an unfair process since their business were all out cashless and queue-less.

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