PRIVACY UPDATE: Germany considers ban on all cash transactions greater than $5,450.
Deputy finance minister Michael Meister said Wednesday that Germany would like to see a European solution, but could introduce a national limit if none is achieved, news agency dpa reported. He said “we can imagine a level of 5,000 euros.”
Meister said there’s “the risk of terror financing and we also have the problem of how to clear up money-laundering offenses properly” when large transactions are conducted anonymously.
Germans tend to use cash more than many other Europeans.
People already engaging in under-the-counter cash transaction don’t seem likely to go along with this.