The European Union is introducing new laws that will ban transactions over €10,000 ($10,557) in a major push toward an eventual cashless society.
However, the laws also seek to impose stricter controls on cryptocurrency and will track crypto payments above 1,000 euros ($1,055).
EU leaders ostensibly claim that the new restrictions are aimed at fighting money laundering.
While announcing the new set of new directives, the EU boasts that the move will make it more difficult to use cash and crypto for criminal purposes.
However, the new rules will also make it illegal for people to use cash for legal purchases, such as buying a car.
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