Philadelphia Bans Cashless Businesses - Bad for Bitcoin?

Philadelphia Pennsylvania

Those who say the law isn't strong enough point to the fact that it provides exemptions to parking lots and garages, memberships stores like Costco, rental companies and retailers that accept mobile payments, The Philadelphia Inquirer reported.

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

As of July 1, any businesses failing to comply with the law will face fines of up to $2,000.

The new law runs contrary to the trend within the restaurant business of accepting only electronic payments or credit cards to speed service.

MA requires all stores to accept cash, while New Jersey has taken a further step by banning cashless stores altogether in an attempt to keep cash in circulation and retain paying cash as a service to those who have no other means of payment. However, businesses like parking garages or lots, hotel accommodations, rental vehicle companies and Costco- that requires an online payment for membership, would be exempted from the said law due to the security for their financial charges on their customers. This has somewhat opened the door for other payments apart from cash, such as Bitcoin or other cryptocurrency alternatives, although transfer time still remains an issue.

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Philadelphia councilman Bill Greenlee, who co-sponsored the bill, believes the new law will help re-level the playing field.

Similar legislation is under consideration in cities including New York, San Francisco, Chicago and Washington, DC.

"It just seemed to me unfair that I could walk into a coffee shop right across from City Hall, and I had a credit card and could get a cup of coffee".

This comes as cashless stores have been on the rise. 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". Amazon has been expanding its cashierless stores, dubbed Amazon Go outlets, across the nation.

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