Greece will impose restrictions on cash transactions: all cash payments must be under €500

The Greek Ministry of National Economy and Finance has submitted a bill aimed at imposing significant restrictions on cash transactions, with the goal of increasing financial transparency and reducing tax evasion. According to the proposal, any transaction of 500 euros or more must be conducted exclusively through electronic means, and the penalties for non-compliance with this rule will be drastically increased, with the fine being equivalent to double the amount illegally paid in cash. The Greek government hopes that these measures will accelerate the adoption of electronic payments in the economy. The bill also includes other provisions, such as reducing penalties for late submission of VAT declarations and tightening oversight of cryptocurrency transactions. If adopted, this legislative package will mark an important step in the digitization and stricter monitoring of the financial sector in Greece.