Portugal

Brussels prepares law to punish shops that refuse payment in banknotes and coins

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Briefings

Portuguese law is being prepared to impose fines on businesses refusing to accept cash or euro notes in transactions, following a European initiative. The Bank of Portugal acknowledges it lacks direct enforcement powers but highlights that allowing cash payments remains crucial for financial freedom and system resilience. Currently, no specific sanctions exist for refusing cash, though the new EU regulation aims to fill this gap.

Key points

• New EU legislation is being prepared to impose fines on commercial establishments that refuse to accept cash or euro notes in transactions.
• The Bank of Portugal admits it cannot enforce cash acceptance but emphasizes that cash payments remain essential for financial freedom and system resilience.

Context

A European initiative aims to strengthen the obligation to accept numerical currency in commercial transactions as digital payments gain prominence. This development occurs in Portugal where no specific sanctions currently exist for refusing cash, creating a regulatory gap to be filled by the new EU law.

Limitations

Details of the specific sanction regime and application timelines across EU member states remain undefined. The Bank of Portugal explicitly states it lacks the power to ensure all commercial spaces accept cash, and the new law's exact enforcement mechanisms are still to be defined.

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