One new amendment will ensure citizens in Slovakia can pay with cash, while another expands shopkeepers’ rights to refuse to accept cash.
Slovakia will codify the right to use cash as a method of payment after a vote to amend the nation’s constitutionThe new legislation was sponsored by the Sme Rodina party, also known as the “We Are Family” party, and was reportedly drafted as a precautionary measure against thePer a report from European news agency Euractiv, legislator Miloš Svrček, one of the legislation’s co-authors,members of parliament during a debate that the amendment was necessary to protect Slovakia’s financial...
“It is very important that there is a provision in the Constitution based on which we can defend ourselves in the future against any orders from the outside, saying there can only be digital euro and no other payment options.” In tandem with legislation codifying the right to use cash, Euractiv also reports Slovakia will amend its constitution to shore up shopkeepers’ rights to refuse cash for payments of goods and services. This, reportedly, is meant to protect shopkeepers from robberies and exposure to germs and to provide an exclusion to existing cash-acceptance laws for shops offering card-only vending machines.of a central bank digital currency or digital euro for some time.
Among the largest points of contention in the potential development and implementation of a digital euro is the idea that such a currency would be entirely centralized and, thus, allow a single government entity to control transactions conducted with it. Some experts believe this presents an intrinsic threat to personal privacy.
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