News in Brief

Spain Legislates for Cash

At the end of May a new law in Spain made it mandatory for retailers to accept cash, with refusal to accept cash becoming an offence. Under certain conditions it can be regarded as a severe, rather than a minor, offence. Spain has an association for the defence of cash, the Denaria Platform, which has carried out surveys as part of its campaign to maintain access to cash. A survey in September 2021 found 70% of the population consider cash a necessity for society.

Spain imposes a limit on cash payments of €1,000 when one of those involved in the transaction is a business or acting in a professional capacity. The ECB has strongly criticised such limits, most recently in March 2022.