New law restricts cash payments to €3000

MPs may be divided but President Marcelo Rebelo de Sousa has rubber-stamped the new law restricting cash transactions in Portugal to amounts up to €3000.

Considering EU law allows citizens to carry as much as €10,000 in cash, CDS and PAN MPs opposed the change, designed to combat fiscal fraud.

Tax inspectors union boss Paulo Ralha has stressed the law in itself will not stop corruption in Portugal.

Talking to journalists Ralha explained: “Limiting payments in cash will do nothing if we continue to allow financial transactions without receipts”.

Nonetheless, tabloid Correio da Manhã believes the law heralds an era when none of us will pay for anything in cash.

Dinheiro Vivo too has carried a story this week in which the CEO of Portugal’s fintech company Easypay predicts that “money will be obsolete within five years”.

Indeed, in Dubai, if Youtube is to be believed, street beggars are already adapting to this changing reality: click here

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