Categories: FinanceNews

Spanish Government Wants To Curb Cash Usage To 1,000 Euros Per Transactions

It is quite apparent that the financial situation in Spain is evolving in the wrong direction. As of right now, there is a”ceiling” of 2,500 Euros per cash transaction. A similar ruling can be found across many different European countries, as governments want to counter money laundering efforts. In Spain, however, the limit of cash payments will be reduced to 1,000 Euros moving forward.

Enforcing Less Cash Usage In Spain

It is not uncommon for European countries to restrict the usage of money in large transactions. After all, people who have piles of cash to spend usually have acquired it through less than legal means. Since cash transfers leave no paper trail for both buyer and seller, it is not the preferred method of choice for governments and financial institutions throughout the world.

In Spain, things are being taken to the next level, although not in a positive manner. The government is working on a new decree that limits cash payments to 1,000 Euros. Even though this limit is more than sufficient for most everyday purchases, it makes buying household appliances or TVs with cash a lot more complicated. This decision will not sit well with consumers, that much is certain.

Restricting consumer access to their money and the manner in which they can spend it is never a way to make oneself more popular. Customers have been complaining about how they need to rely on banks more often than not, which creates a central point of failure in the financial ecosystem. If their bank suffers from issues, no payments can be completed, which is not an ideal situation for anyone.



Related Post

One could argue that Spain wants to combat fraud through the usage of “dirty money” during high-profile transactions. Granted, accepting dirty money could cause financial damage to the retailer in question, as this will effectively facilitate money laundering. But that doesn’t mean all consumers should be punished for the actions of a few people with illicit intentions.

Everyone in the world can see how banks and governments are continuously coming up with ways to curb the usage of cash within specific countries. Spain is just one of the regions where such a trend can be noted right now. More European countries will follow their lead by example, assuming this decree will be approved.

Consumers and retailers need to keep in mind that relying on banks for the financial system is not necessarily in their best interest. Giving up more control over one’s own money is never a positive development, and it only makes things worse for the rest of the world. The time is now to take control of one’s own finances, and banks will never offer that option.

If you liked this article, follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin, cryptocurrency, and technology news.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Share
Published by
JP Buntinx

Recent Posts

TRON Leads All Blockchains in November Fees as Perpetuals Trading Surges 271%

TRON ended November as the top blockchain by fees, extending its dominance in payment infrastructure…

1 day ago

Prediction Markets Hit New All-Time Highs as November Volume Surges to $14.3B

Prediction markets just locked in another breakout month. November closed with $14.3 billion in total…

1 day ago

Trust Wallet Launches Native Predictions: A New Era for On-Chain Betting

Trust Wallet is stepping into a completely new lane. The CZ-owned self-custody wallet has launched…

2 days ago

Kraken Acquires Backed to Supercharge Tokenized Equities as xStocks Enters Its Next Phase

Kraken has announced the acquisition of Backed, the tokenization platform behind some of the fastest-growing…

2 days ago

Sui Pauses & AVAX Rebounds While Zero Knowledge Proof’s 200M Daily Presale Auction Goes Live, Sparking Massive Buyer Rush

Sui Pauses & AVAX Rebounds While Zero Knowledge Proof’s 200M Daily Presale Auction Goes Live,…

3 days ago

Europe Takes Down Cryptomixer: A $1.4B Bitcoin Laundering Machine Falls After Eight Years

Europe just shut down one of crypto’s longest-running shadows. Germany and Switzerland, backed by Europol,…

3 days ago