Under a new law all big purchases will have to be made electronically, either through a mobile payment app or via a wire transfer at a bank.

And for now, at least, that will come with a steep fee: Banks charge between 1.5 and 3 percent for the transactions.

The law also prohibits local and central government bodies from making or taking any payments in cash. Some institutions like hospitals, universities, and notaries will go completely cashless. Pensions and salaries will have to be paid via banks – even pawnshop loans, as well. And transactions made illicitly in cash can be annulled. Continue reading →