The European Union will limit cash transactions and luxury sales: limits and deadlines.

The EU introduces restrictions on cash payments

The European Union has announced stricter controls on cash payments starting in 2027. According to the new rules, the maximum amount of cash payment will be limited to 10,000 euros, and mandatory identification of the payer will be required for transactions over 3,000 euros. The main goal of this restriction is to combat financial crimes, including money laundering and financing of terrorism. This restriction will apply to all currencies in circulation in the EU. Some EU member countries will have the ability to impose even stricter rules for cash transactions. This new rule will come into effect from 2027.

Sectors subject to control include banks, financial institutions, real estate agencies, casinos, and luxury goods sellers. There will also be restrictions for cryptocurrency operations - mandatory verification of clients for transactions over 1,000 euros and monitoring of cryptocurrency wallet platforms and operators.

These new rules will apply to both entrepreneurs and private individuals. Already, several EU countries have similar restrictions, for example, in Poland companies cannot make cash payments exceeding 15,000 zlotys. However, the new cash transaction limits will complicate deals, especially for Belarusians, who will have to make bank payments when purchasing used cars. Nevertheless, economic sanctions may further complicate such transactions.

The new rules limiting cash transactions will come into effect in 2027, and for sports clubs, they will be valid until 2029.

Earlier, the National Bank of Ukraine also stated about the future of cash in Ukraine.