A new rule will soon come into force to regulate cash payments.
It was thought to be obsolete: it is not completely abandoned. The note has not been completely replaced by the bank card and still seems to have a bright future ahead of it. According to the latest figures, half of transactions are still carried out in cash, even if using a bank card – even more since they are on smartphones – is an easy solution.
However, the regulations on the use of the liquid will soon evolve, due to a decision taken at European level. The EU has decided to introduce a maximum amount for cash payments.
From 2027, the law will prohibit that in the 27 countries of the European Union, including France, any payment in cash is prohibited when an individual buys something from a company, the amount of which exceeds 10,000 euros. Obviously, this only concerns very few people.
In reality, with this regulation, the EU seeks to combat money laundering. “One of our main objectives has been to ensure that white-collar criminals will no longer be able to launder their money by purchasing luxury cars, yachts and private jets,” explained Paul Tang, Socialist MEP. Dutch, responsible for carrying out this file.
This “tightening” of the law will therefore have no impact on ordinary people. Only a few will be impacted by this new rule, which will not apply to transactions between two individuals: they are free to agree as they wish to carry out a transaction. Furthermore, this will not come into effect immediately. This is only planned from 2027.
This will mainly have consequences in Ireland, Scotland, England, Wales, the Netherlands, Luxembourg, Germany, Austria and Cyprus, countries in which no limit is currently established in the legislation. On the other hand, this will have no impact on France, Spain or Italy: national laws already provide for a maximum amount of 1000 euros if you wish to pay for a purchase in cash.