The greenback remains king, but the use of physical cash continues to decline as digital payments, typically made via credit/debit cards, continue to grow. As newer forms of payments like stablecoins emerge, two US Senators want to ensure cash will be accepted for purchases at physical locations.
Senators John Fetterman and Kevin Cramer, both Democrats, are pitching the Payment Choice Act to preserve the use cash as a form of payment and can do so without being charged higher prices.
Senator Fetterman stated:
“It’s simple: if you’re open for business in America, you should take U.S. dollars. I’m proud to introduce the bipartisan Payment Choice Act with Senator Cramer because every American should be able to use paper currency if they choose. We have millions of people in this country who don’t have access to bank accounts, and they must be able to go shopping with their hard-earned dollars.”
The current language of the bill demands that retail goods and services purchased in person must accept cash up to $500. At the same time, prices must be equal to other payment options. The retail location must accept bills up to $20 but does not have to accept larger denominations.
Today, it is fairly common to encounter in person transactions that do not accept cash due to the inconvience of holding change and managing deposits.
