Cyprus follows EU guidance to ban cash transactions exceeding €10,000

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The Cyprus Ministry of Finance is following the EUs example and is currently drafting a law rendering any cash transactions completed over €10,000 to be a criminal act, with fines imposed amounting to 10% of the total transactions value.

Essentially, going forward any purchases of goods & services exceeding €10,000 will need to be completed via plastic or mobile money to be a legitimate, lawful transaction.