Cash Payment Limitations

The European Council proposed to impose a limit of €10,000 on cash payments throughout the bloc, but the measure has yet to be accepted.

The Italia Cashless initiative was launched in December 2020 and rewarded those who favour digital payments over cash. The new government, led by former ECB President Mario Draghi, has terminated the programme.

A Deutsche Bundesbank survey shows that over three quarters of Germans have not heard about a digital euro and over half are skeptical.

E.U. Financial Services Commissioner Mairead McGuiness has announced measures against money laundering, including limits to cash payments above €10,000. In 2018, the European Commission ruled against such limitations.

A controversial law that would have banned cash payments over $10,000 has been voted out by the Australian Senate. Many saw it as infringing on the freedom to use cash and to protect one’s financial privacy.

A survey shows that the majority of Spaniards view access to cash as important in times of crisis. Meanwhile the government is proposing to lower the limit on cash payments and advocate its elimination altogether.