Bulgaria debates constitutional guarantee for cash payments

The proposal to include a constitutional guarantee for the right to make cash payments in Bulgaria has sparked significant debate among economists and analysts. Proponents, including economist Stoyan Panchev, view the move as a victory for monetary freedom and personal liberty, especially following the removal of the lev and the currency board. Panchev argues that cash serves as a safeguard against potential power abuses and excessive financial surveillance, suggesting that the legal ceiling for cash transactions should also be indexed to inflation.

Conversely, critics have labeled the initiative as populism. Journalist Nikolay Stoyanov noted that the debate is fueled by fears that the introduction of a digital euro will lead to the elimination of physical banknotes. However, he emphasized that the right to cash is already largely protected under the Treaty on European Union, which is more difficult to amend than the Bulgarian Constitution. Financial analyst Deyan Vasilev dismissed the necessity of the constitutional amendment, describing it as a redundant measure.