The workshop featured prominent figures from social, economic, and political spheres. At the panel on cashMoney in physical form such as banknotes and coins. More accessibility, experts from various social associations emphasized the importance of cash for personal autonomy and financial inclusionA process by which individuals and businesses can access appropriate, affordable, and timely financial products and services. These include banking, loan, equity, and insurance products. While it is recognised that not all individuals need or want financial services, the goal of financial inclusion is to remove all barriers, both supply side and demand side. Supply side barriers stem from financial institutions themselves. They often indicate poor financial infrastructure, and include lack of ne... More.
The legislative panel convened parliamentary representatives from different parties to discuss the need to align current regulations with European guidelines.
In the national security panel, specialists in critical infrastructure protection highlighted cash as a key element in financial resilience and protection against potential digital system failures.
Javier Rupérez, President of Denaria, criticized the legislative contradictions that limit cash use in Spain, despite the General Law for the Defense of Consumers and Users mandating its acceptance. He pointed out that the cash payment limit of 1,000 euros is significantly lower than the 10,000 euros allowed by the European Parliament’s Money LaunderingThe operation of attempting to disguise a set of fraudulently or criminally obtained funds as legal, in operations undeclared to tax authorities, and therefore not subjected to taxation. Money laundering activities are strongly pursued by authorities and in most countries, there are strict rules for credit institutions to cooperate in the fight against money laundering operations, to declare and report any transactions that could be considered suspicious. More Directive, approved in June 2024. Additionally, restrictions on rent payments and tax deductions penalize cash use, placing Spain at a disadvantage compared to other EU countries with no such limits.
Rupérez noted that despite existing legislation requiring the acceptance of cash payments, obstacles persist, especially from public institutions, as evidenced by complaints received through Denaria’s platform.
The Spanish legislation limiting cash payments above €1,000 was introduced as part of efforts to combat moneyFrom the Latin word moneta, nickname that was given by Romans to the goddess Juno because there was a minting workshop next to her temple. Money is any item that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular region, country or socio-economic context. Its onset dates back to the origins of humanity and its physical representation has taken on very varied forms until the appearance of metal coins. The banknote, a typical representati... More laundering and tax evasion. This restriction aims to increase transparency in financial transactions by encouraging the use of traceable paymentA transfer of funds which discharges an obligation on the part of a payer vis-à-vis a payee. More methods. However, critics argue that this limit disproportionately affects individuals and businesses that rely on cash for legitimate reasons, such as those without access to digital banking services or those who prefer cash for privacy and security. The discrepancy between Spain’s limit and the higher threshold set by the European Union has sparked debate over the effectiveness and fairness of the current regulation.
A central topic at the conference was the role of cash in financial security. With increasing exposure to cyberattacks, exclusive reliance on digital payments poses risks. Experiences from countries like Sweden, Norway, and Finland demonstrate the importance of maintaining a cash infrastructure to ensure economic continuity during technological failures or crises.
“Reliance on digital payments makes us vulnerable,” Rupérez stressed. “A system failure can cripple the economy, while cash is immune to cyberattacks and ensures citizens’ financial autonomy.” Recent studies highlight Spain as one of the countries most exposed to financial cyberattacks.
Denaria reiterated its commitment to defending cash as an essential service. The organization urges the Spanish Government and European institutions to adopt measures guaranteeing citizens’ free choice and avoiding unjustified restrictions on cash use. As the economic and technological landscape evolves, cash remains critical for financial stability and social inclusion.