Officials also voted to see cryptocurrency transactions valued over €1,000 to be banned. Dr. Gunnar Beck, a representative for the populist Alternative for Germany (AfD) party, warns that the EU appears to be pushing for the "criminalisation" of the use of physical cash with its new anti-money laundering (AML) laws. Eurocrats aim to force nation-states to implement the anti-cash reforms, even if they want to protect the use of physical legal tender within their own countries.
Australia was one of the first nations to declare a ban on cash transactions and implemented a limit of 10,000 AUD (~$6,600) or more. The Netherlands has banned cash transactions of over €3,000. France is the most strict, limiting cash transactions at €1,000.

The European Union is in danger of "criminalising" the use of physical cash with its new anti-money laundering laws, an MEP has warned.

Dr Gunnar Beck, a representative for the populist Alternative for Germany (AfD) party, has warned that the EU appears to be pushing for the "criminalisation" of the use of physical cash with its new anti-money laundering (AML) laws.

Politicians in Brussels have long been pondering an upper legal limit on the value of cash transactions within the bloc, with lawmakers detailing plans to ban Europeans from spending over €10,000 in physical tender as part of a single transaction.

The European Parliament however has now voted for such a proposed limit to be dropped down to as little as €7,000 as part of efforts to clamp down on money laundering and tax dodging within the bloc, with officials also voting to see cryptocurrency transactions paying for goods and services that are valued over €1,000 to be banned.