Portugal Joins Spain, France in Cash Crackdown, Bitcoin Will Benefit

Portugal has banned cash payments over €3000 as part of a crackdown on anonymous payments.

A new package of rules which came into force Aug. 23 makes payments over the limit punishable by a fine of up to €9000.

"For taxpayers not involved in business, the limit and fine are €10,000 and €4500 respectively. Payment of taxes in cash over €500 is also banned."  

The restrictions on cash come several years after similar moves by neighboring Spain within the context of a cash focus from many major economies.

Especially notable this year were India’s demonetization and increased cash controls, along with plans by Australia to outlaw cash as early as 2022.

Spain, meanwhile, cut the maximum permitted cash transaction from a €2500 limit set in 2012 to just €1000, itself moving in line with France.

Bitcoin increase

At the same time, Bitcoin interest both countries is increasing. Spain is contributing more and more to the Blockchain industry, with 4000 new Bitcoin outlets appearing in July this year.

Meanwhile, Portugal has been noticeable with its lack of an official stance on cryptocurrency.

The central bank issued general notes of caution in 2014, but is yet to update its position to include fashionable instruments such as ICOs.

In June, Cointelegraph launched a dedicated version of its website in Portuguese to cater for the increasing number of readers from both Portugal and South America.


Follow us on Facebook