Mandatory acceptance refers to a legal or regulatory requirement compelling businesses and individuals to receive a specific form of payment for goods, services, or debt settlement. This provision ensures broad usability and public confidence in a given currency. It removes discretion regarding payment method reception.
Context
This concept is a significant policy consideration for central bank digital currencies, frequently discussed in news regarding their potential implementation. Governments may consider mandatory acceptance for CBDCs to ensure their widespread adoption and to preserve access to sovereign money for all citizens. It aims to solidify the currency’s role in the economy.
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