5,000€ Cap on Cash Transactions in Germany Proposed CC0 Public Domain

5,000€ Cap on Cash Transactions in Germany Proposed

By  Monday, 8.2.2016, 14:33    General News

Germany’s usually very popular Minister of Finance, Wolfgang Schäuble (73), has proposed on Thursday to introduce a cap on cash payments in order to more effectively combat laundering money and financing terrorist organisations. The German public reacted vigorously against the proposal.

Schäuble suggested that a 5,000-euro limit be placed on cash transactions, but that it would be need to be implemented at a Europe-wide level in order to be effective. In France there already are lower cash transaction limits. According to Bundesbank statistics, 79 percent of payments are made in cash in Germany, according to Bundesbank statistics.

The Sueddeutsche Zeitung newspaper warned against the negative effects on important sectors such as skilled trades and crafts or the second-hand car sales. The Bild newspaper has also already published a series of articles against the idea of a cap on cash transactions.

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Vilijam Zufic

Translator (German, Croatian, English), guide and unacknowledged blogging genius. Born and lives in Pula, Istria, Croatia. Educated in Germany, Croatia and the United States, economics graduate. Currently beginning to prepare to train for pulling himself up by his bootstraps. Married with children. Father of Croatia’s greatest football talent. Knows all there is to know about Istria, camping and bratwurst. At the verge of something big with the only German language blog on Istria Inistrien.de. No sense of humour. Here to meet like-minded people.

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