The Union is restricting cash again. A full ban above that amount!

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The European Union is increasingly tightening the regulatory loop around cash. The European Parliament has just approved government that not only restricts but prohibits (!) regulating transactions over EUR 10,000 by paper money – it must be an electronic transaction, for example a transfer. All transactions over EUR 3 000 will be subject to supervision. As a rule, this kind of government was applicable to companies, but this time, in many cases, the work to study and delegate the usage of cash from these amounts will besides include individuals!

Money laundering and terrorist financing – these are the 2 flagship arguments that fall into the discussion about limiting cash turnover. This for a democratic society is highly crucial due to the fact that it guarantees the anonymity of the transaction and control of its own money. A de facto bank and state authorities are in charge of the funds left on the electronic account.

Restrictions on the amounts of transactions that can be made in cash are already in place in the European Union and concern businesses. Currently, companies cannot carry out transactions that exceed the equivalent of PLN 15,000, which means that the cash turnover is de facto prohibited in the enterprise sector, as this amount constitutes a ‘drop in the sea’ of the measures that the company is trading.

The Union is hitting cash again! full ban from €10 000 and reporting from €3,000

As of 2027, fresh limits will apply in the associate States by decision of the European Parliament. More than EUR 10 000 will not be possible to make cash payments at all and more than EUR 3 000 will should be reported to the authorities. However, the key change is that the fresh rules will apply to transactions where at least 1 organization is an entrepreneur, and so besides to consumers! presently there is no advanced limit on cash transactions between individuals – at least in theory.

In the countries of the Community where the euro is not valid, i.e. in Poland, the regulations relate to the values above the equivalent of these amounts. In the case of 10 1000 euro, it is just over 42 1000 PLN, and 3 1000 EUR is the equivalent of over 12.5 1000 PLN (the exchange rate for the day of writing the article).

Source: fact.pl/forsal.pl