Ohio is considering legislation to ensure cash acceptance at stores and offices while exploring alternatives like gold-backed accounts and cryptocurrency for state payments. These bills address shifting payment habits amid the end of penny production and retailer rounding practices. Lawmakers aim to protect consumer choices in an increasingly digital economy.
In Columbus, Ohio, state lawmakers are pushing forward with measures to adapt to evolving payment systems. House Bill 554, known as the CASH Act, mandates that stores and government offices accept cash for transactions under $500. Sponsors argue this safeguards those without credit cards or who prefer physical currency. "It’s simple, cash is the basis for business in America," said Rep. Dave Thomas in a news release. "Our taxpayers should always have the ability to use cash in their daily lives."
The bill requires only one cash register per location, minimizing burdens on businesses. For instance, Thomas noted during testimony, "The local Walgreens store may have five registers; only one would need to be cash under this bill." Unlike prior versions, HB 554 eliminates exemptions for parking garages and sports venues, meaning places like Huntington Bank Field, home to the Cleveland Browns, must provide cash payment options.
This comes as cash use faces new hurdles. The federal government ceased penny production in November, prompting retailers to round totals to the nearest nickel. Such practices vary by store, creating uncertainty. Ohio Chamber of Commerce President Steve Stivers observed, "I do think as you see more rounding it will encourage people to pay electronically. It will just discourage people from paying in cash." He highlighted risks for businesses and called for national guidelines. Kwik Trip, a convenience chain, plans to round cash transactions down, incurring nearly $3 million in annual costs.
Separately, House Bill 206 proposes state-backed accounts using gold or silver bullion, accessible via debit cards or apps that convert to dollars at purchase. Rep. Jennifer Gross explained, "You don’t know unless I say, ‘Hey, look, I’m using gold to buy your coffee.’” In April, Secretary of State Frank LaRose and Treasurer Robert Sprague sought approval to accept cryptocurrency for state fees, reflecting broader shifts in payment methods.