Financial security or privacy? The limitation of cash payments in the EU

In April 2024, the European Union approved new regulations regarding the limitation of cash payments. The aim of these changes is to combat money laundering and the financing of terrorism.

What has changed?

Cash payment limit:
A limit of 10,000 euros has been introduced for cash payments. This means that larger transactions will have to be made using other payment methods, such as cards or transfers.

New obligations for financial institutions: Banks, payment companies, and other financial institutions now have the obligation to monitor transactions and report suspicious operations. This aims to increase the transparency and security of the financial system.

But is the loss of cash a good move?
Cash as a Symbol of Freedom and Privacy

What are the benefits of having cash?

- Anonymity: Cash allows for privacy in transactions. It leaves no traces in banking systems or electronic payment methods.
- Security: In some cases, using cash can help avoid fraud related to payment cards or other forms of electronic money transfer.
- Independence from Electronic Systems: In times of crisis, there may be failures in banking systems or restrictions on access to electronic payment methods. Then cash is the only means of payment.
- Convenient in Certain Situations: Examples include shopping at markets, with small vendors, or in small shops where payment terminals are not always available.
Cash is not only a means of payment but also a symbol of freedom and privacy. Its preservation is important for protecting our rights, both in the banking system and in difficult times of crisis.