Spain has joined the latest trend in countries clamping down on what its citizen’s are allowed to spend their money on. In an attempt to make sure the governement gets its cut from any transaction it can the limit that can be spent is now as little as €2500. Other countries in recent months that have imposed restrictions or attempt to move to a cashless society they can control are USA, Argentina, Italy, Greece, Ireland.

The Prime Minister, Mariano Rajoy, has announced on Wednesday that the plan to combat tax evasion on Friday approved the Cabinet prohibit the payment in cash transactions of over € 2,500 and n which at least involved a businessman professional.

During the control session the Government in the House of the Congress of Deputies and in response to a question about the tax amnesty made by the general coordinator of IU, Cayo Lara, the Prime Minister has revealed that those who violate the ban will face fines of 25% of the payment made in cash.

Source: globaleconomicanalysis