I think the point is that the public interest is served better by having traceable transactions rather than nontraceable transactions so moves in that direction won't face the kind of official push back they may have in the past.
I think the point is that the public interest is served better by having traceable transactions rather than nontraceable transactions so moves in that direction won't face the kind of official push back they may have in the past.
I'm talking about legal Cannabis. You're all talking like there's no big cash based industries and no big players need to go outside of the banking system. Well it's 2018 and there's billions of dollars in grey market cash transactions going on daily.I'm kinda missing the point here...... We're talking about Citi no longer accepting cash for the payment of CC bills. Is that what you mean by "sales of substances?"
There is, however, no Federal statute mandating that a private business, a person or an organization must accept currency or coins as for payment for goods and/or services. Private businesses are free to develop their own policies on whether or not to accept cash unless there is a State law which says otherwise.
From the US Treasury Department's web site:
https://www.treasury.gov/resource-center/faqs/Currency/Pages/legal-tender.aspx
Partial quote:
But the case we're discussing isn't like buying an object on the street for cash.
How does that provide traceability with regard to where you obtained the cash?We're paying a CC bill. That transaction, even done with cash at the teller's window, would be traceable through your CC history.
Just curious....... I've never considered driving to the bank and paying my CC bill in cash. I always pay on line. Second choice would be to mail a paper check. What would be the advantage of traveling to the brick and mortar bank building and paying the CC bill with cash?
Interesting. I did not know that any states had passed such laws. Are these businesses allowed to refuse $100 bills for small purchases? What if they don't have the right change available for a large bill?