BEIJING: The People’s Bank of China (PBoC), the central bank, said it will investigate and punish institutions and individuals that refuse to accept valid bank notes and coins and reiterated that it would protect the groups/individuals who find it inconvenient to use electronic or other noncash payment methods.
It is also a measure to ensure that physical money can continue to be in circulation and is protected by the nation’s laws, even as the digital yuan trials are accelerating. In the long term, bank notes (or coins), electronic payment platforms and the central bank’s digital currency will co-exist, said a senior PBoC official who did not want to be named.