Germany’s Finance Minister floated a plan to limit cash transactions in Germany to 5,000 euros (or about $5,500). The proposal is meant to combat money laundering and terror financing by restricting the ability to conduct high-price transactions anonymously.
Reportedly upwards of 75% of German transactions are conducted with cash, which is more frequent than most other countries. The proposal has met resistance from even the central bank, which called any restriction on cash use an “infringement on their personal economic liberty.”
The U.S. requires reports of cash transactions over $10,000. Germany’s proposal seems designed to require using credit cards or wire transfers, where the identities of the persons involved in the transaction can be more readily obtained.