New York is on track to ban cashless businesses after the city council voted to join San Francisco and Philadelphia in requiring brick-and-mortar stores to accept cash
Under the law, food and retail establishments would have to accept American bills and coins or face a fine. Mayor Bill De Blasio is expected to sign the bill, his office told CNN."When you open a dollar bill, it reads 'This note is legal tender for all debts, public and private,'" said Councilman Ritchie Torres, the sponsor of the bill."Cash ought to command universal acceptance."Once signed, businesses would have nine months to adjust before the law takes effect.
Those areas also tend to have more immigrants and people of color, according to the New Economy Project, an organization for low income New Yorkers.Some businesses opposed the bill in early hearings, saying that going cashless streamlined their operations and deterred robberies."We welcome the digitilization of the American economy, but we have to ensure the digital economy in no way leaves the most vulnerable behind," Torres said.
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