{"id":7354,"date":"2020-02-18T09:08:57","date_gmt":"2020-02-18T13:08:57","guid":{"rendered":"http:\/\/stateofthenation.co\/?p=7354"},"modified":"2020-02-18T09:08:57","modified_gmt":"2020-02-18T13:08:57","slug":"cashless-society-alert-chinese-banks-are-quarantining-cash-destroying-dirty-money","status":"publish","type":"post","link":"http:\/\/stateofthenation.co\/?p=7354","title":{"rendered":"<b>CASHLESS SOCIETY ALERT<\/b>: Chinese Banks Are Quarantining Cash, Destroying &#8216;Dirty&#8217; Money"},"content":{"rendered":"<p><!--more--><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/stateofthenation.co\/wp-content\/uploads\/2020\/02\/2020-02-16T111430Z_1322297275_RC2N1F9HG63T_RTRMADP_3_CHINA-HEALTH.jpg\" alt=\"\" width=\"1260\" height=\"839\" class=\"aligncenter size-full wp-image-7355\" srcset=\"http:\/\/stateofthenation.co\/wp-content\/uploads\/2020\/02\/2020-02-16T111430Z_1322297275_RC2N1F9HG63T_RTRMADP_3_CHINA-HEALTH.jpg 1260w, http:\/\/stateofthenation.co\/wp-content\/uploads\/2020\/02\/2020-02-16T111430Z_1322297275_RC2N1F9HG63T_RTRMADP_3_CHINA-HEALTH-300x200.jpg 300w, http:\/\/stateofthenation.co\/wp-content\/uploads\/2020\/02\/2020-02-16T111430Z_1322297275_RC2N1F9HG63T_RTRMADP_3_CHINA-HEALTH-1024x682.jpg 1024w, http:\/\/stateofthenation.co\/wp-content\/uploads\/2020\/02\/2020-02-16T111430Z_1322297275_RC2N1F9HG63T_RTRMADP_3_CHINA-HEALTH-768x511.jpg 768w\" sizes=\"auto, (max-width: 1260px) 100vw, 1260px\" \/><\/p>\n<h1>Coronavirus Has Chinese Banks Cleaning and Trying to Quarantine (or Destroy) Dirty Money<\/h1>\n<h3>Yes, it has come down to this.<\/h3>\n<p>by Mitchell Blatt<\/p>\n<p>China\u2019s widespread quarantine policy thanks to the <a href=\"https:\/\/nationalinterest.org\/tag\/coronavirus\">coronavirus<\/a>\u00a0had been expanded from the city of Wuhan to a dozen other cities in Hubei province, to community quarantines for people returning from holiday, and now even inanimate objects must be quarantined. Paper currency, that is.<\/p>\n<p>People\u2019s Bank of China representatives said at a press conference on February 15 that currency deposited at banks must be disinfected with ultraviolet light and then\u00a0<a href=\"https:\/\/baijiahao.baidu.com\/s?id=1658665496951591022&amp;wfr=spider&amp;for=pc\" target=\"_blank\" rel=\"noopener noreferrer\">held for a week or longer<\/a> before being released back into the wilds of the economy. The Chinese central bank will provide new bills worth 600 billion yuan to banks. (Some of the currency will be destroyed.)<\/p>\n<p>Those who work closely with cash are keenly aware of how filthy money is. \u201cWhen I\u2019m at work, I realize cash is the dirtiest thing in the world,\u201d Wang Zeyaun, a bank teller in Hangzhou, says.<\/p>\n<p>It\u2019s\u00a0<a href=\"https:\/\/www.scientificamerican.com\/article\/dirty-money\/\" target=\"_blank\" rel=\"noopener noreferrer\">true<\/a>. A 2002 study of American $1 bills found bacteria on over 90 percent, and a Swiss study found that the flu virus can survive from between a few days and two weeks on francs. (Metal coins are\u00a0<a href=\"https:\/\/www.scientificamerican.com\/article\/dirty-money\/\" target=\"_blank\" rel=\"noopener noreferrer\">not as dirty<\/a>\u00a0as fabric bills.) Richard W. Rahn, a senior fellow at the Cato Institute,\u00a0<a href=\"https:\/\/www.scientificamerican.com\/article\/dirty-money\/\" target=\"_blank\" rel=\"noopener noreferrer\">hopes that paper currency will disappear<\/a>.<\/p>\n<p>In China, it is already on its way to extinction.\u00a0<a href=\"https:\/\/www.emarketer.com\/content\/contactless-competition-and-digital-limitations-stifle-proximity-mobile-payment-growth-in-the-uk\" target=\"_blank\" rel=\"noopener noreferrer\">According to eMarketer<\/a>, a NYC-based online commerce research firm, China leads the world by far in mobile payment with 81 percent adoption by its smartphone users in 2020. Measured as a proportion of total population, China also leads the world, with 35 percent in 2019,\u00a0<a href=\"https:\/\/www.chinadaily.com.cn\/a\/201906\/11\/WS5cfedc41a310176577230635.html\" target=\"_blank\" rel=\"noopener noreferrer\">according to Statista Digital Market Outlook<\/a>.<\/p>\n<p>Those who do not use smart phones, or, if they do, are less likely to use advanced features, are disproportionately the elderly. The elderly are also more likely to have compromised immune systems and less likely to survive serious illness. So many news articles in Chinese media point to their use of cash as an important reason to clean currency. During the Spring Festival period, the elders also customarily give cash in red packets to young children, who also are at greater risk from sickness.<\/p>\n<p>\u201cSome people who are older, they cannot use Alipay. For example, my mother, she tried, but she cannot learn to use Alipay,\u201d Lareina Cui, a fashion sales representative in Shanghai, said.<\/p>\n<p>I, too, use cash, because, as a frequent short-term visitor to China, I do not have a smartphone with a local data plan. Instead, I use a prepaid card paired with an old Nokia knockoff in red casing that announces the numbers through its speakers when you press them; it was the cheapest phone in a street-level shop. When you turn it on and off, the Chinese text \u201c\u5173\u7231\u8001\u4eba\u201d (<i>guan-ai lao-ren<\/i>) appears on the screen. It means \u201ccare for [your] elders.\u201d<\/p>\n<p>When I paid my cab driver a few days ago, he asked me why I couldn\u2019t pay by phone, since cash is so dirty. I explained that I did not have a signal.<\/p>\n<p>Anyway, I think that mobile payment is often more of a hassle. Often the code does not scan properly the first time. And what\u2019s so difficult about pulling cash or card out of your wallet? I guess you could say I\u2019m old in spirit.<\/p>\n<p>The majority of Chinese who prefer mobile payment would point out that they think it is more convenient, and also it cannot be stolen. Coronavirus only adds another reason to avoid paper currency. In an online survey posted by the magazine\u00a0<i>Vista<\/i>\u00a0to Weibo, China\u2019s microblogging site,\u00a0\u00a0<a href=\"https:\/\/www.weibo.com\/1323527941\/IutX2eubM?from=page_1002061323527941_profile&amp;wvr=6&amp;mod=weibotime&amp;type=comment\" target=\"_blank\" rel=\"noopener noreferrer\">70 percent of 20,000 respondents<\/a>\u00a0said they will not use cash.<\/p>\n<p>Wang was already familiar with the procedures at his bank before the press conference was held. \u201cThe cash we collect from our customers must not be paid to the next customer. We will turn it all into the bank\u2019s cash center to be disinfected.\u201d<\/p>\n<p>Still, some Weibo were confused about the need to keep the money out of circulation for up to 14 days in the most serious regions.<\/p>\n<p>The comment that received the most likes\u00a0<a href=\"https:\/\/www.weibo.com\/1323527941\/IutX2eubM?from=page_1002061323527941_profile&amp;wvr=6&amp;mod=weibotime&amp;type=comment\" target=\"_blank\" rel=\"noopener noreferrer\">on Vista\u2019s post<\/a>\u00a0came from a female with the username \u2018A Quiet Package of Sugar Snap Peas,\u2019 who asked, \u201cWhy does the cash have to be quarantined for 14 days after it\u2019s been disinfected?\u2026 Do they fear that it will have a fever?\u201d<\/p>\n<p><em>Currently based in China, Mitchell Blatt is a former editorial assistant at the National Interest, Chinese-English translator, and lead author of Panda Guides Hong Kong. He has been published in USA Today, The Daily Beast, The Korea Times, Silkwinds magazine, and Areo Magazine, among other outlets. Follow him on Facebook at\u00a0<a href=\"http:\/\/www.facebook.com\/mitchblattwriter\" target=\"_blank\" rel=\"noopener noreferrer\">@MitchBlattWriter<\/a>.<\/em><\/p>\n<p>___<br \/>\n<a href=\"https:\/\/nationalinterest.org\/blog\/buzz\/coronavirus-has-chinese-banks-cleaning-and-trying-quarantine-or-destroy-dirty-money-124141\">https:\/\/nationalinterest.org\/blog\/buzz\/coronavirus-has-chinese-banks-cleaning-and-trying-quarantine-or-destroy-dirty-money-124141<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-7354","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"http:\/\/stateofthenation.co\/index.php?rest_route=\/wp\/v2\/posts\/7354","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/stateofthenation.co\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/stateofthenation.co\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/stateofthenation.co\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/stateofthenation.co\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7354"}],"version-history":[{"count":0,"href":"http:\/\/stateofthenation.co\/index.php?rest_route=\/wp\/v2\/posts\/7354\/revisions"}],"wp:attachment":[{"href":"http:\/\/stateofthenation.co\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7354"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/stateofthenation.co\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7354"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/stateofthenation.co\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7354"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}