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The European Commission has voted to ban “large” cash transactions to businesses across the EU, triggering accusations that the EU is killing cash.
Starting in 2027, cash payments to businesses will be capped at €10,000 in a stated effort to combat money laundering.
The coming change has sparked viral accusations that cash is about to die in Europe, but the details are more nuanced.
For example, people will no longer be able to use cash to buy a car that costs more than €10,000 from a dealership.
However, two private individuals will “still be able to buy and sell something up to any amount,” reports Euronews.
Under the new rules, nations within the EU will be allowed to implement even lower caps on business cash transactions if they like.
The new measures also include additional checks on customers’ identities for certain businesses including banks, asset managers, crypto firms and real estate agents.
The changes will be implemented in July of 2027 and banks, businesses and regulators will have three years to upgrade their systems and comply with the new rules.
