Further concerns have emerged with regard to Portugal’s proposed limit on cash payments, following the European Central Bank’s (ECB) lukewarm reception to the draft laws last week.
Experts have expressed doubts over the efficacy and reliability of the law itself, as well as whether Portugal has the necessary payments infrastructure to support such a radical shift.
Rodrigo Formigal, a managing associate at PLMJ in Lisbon, pointed to a number of areas where the proposed law could falter, including the culture of payments in Portuguese society.
Request a Free Trial
As a trusted source of regulatory intelligence for the global payments industry, we enable organisations to manage the growing volume and velocity of regulatory risk with confidence, empowering more informed and effective decision making, in an efficient and cost-effective way.Take a Trial