Following the path of other European countries, Germany’s government is considering to set a limit on cash payments to fight money laundering. Finance Minister Wolfgang Schäuble has put forward a proposal to set a cap of € 5,000. But in a country that equates cash with freedom, these new efforts are being heavily resisted. Former ECB Chief Economist quoted Fyodor Dostoyevsky, saying “Money is printed freedom”.
In July 2015, 11 EU countries have established caps on cash payments, ranging from € 1,000 in France to € 5,000 in Slovakia.
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