The stated purpose of the law is to force the public to use digital means of payment rather than cash.
FOR MORE CONTROL OVER YOU
I cannot tell you how repulsed I am by this control of cash/digital.
Recall they tried that here with a $600 limit and sneaking it into a bill just a few months ago. Banks needing to report it etc.
This new world they are building? I do not want to live in it.