cross-posted from: https://belgae.social/post/2368676
Belgium has a ban on cash transactions with “basic” bank accounts. At the same time, the EU Payment Services Directive (PSD) says:
Article 35
Access to payment systems
- …
Payment systems shall not impose on payment service providers, on payment service users or on other payment systems
any of the following requirements:
(a) restrictive rule on effective participation in other payment systems;
Superficially, a cash ban would seem to block participation with another payment system. Of course the definition of “payment system” is relevant:
(7) ‘payment system’ means a funds transfer system with formal and standardised arrangements and common rules for
the processing, clearing and/or settlement of payment transactions;
Cash is a payment system of the central bank. Does cash meet that definition?