You are 100% right in principle, but this is a privacy basically nobody chose to have anyway, there’s a huge difference IMO between this and if they ban for instance encryption, which has huge legitimate significance for privacy, whether it’s secret love letters, or million dollar patent development. If there isn’t a legitimate reason to want privacy, the argument is void as I see it.
So is there a legitimate reason to want to be able to use large amounts of cash. Remember you can still use cash for your daily tasks if you want, and that option is even protected by law.
I was as you describe against it initially, but I fail to think of a legitimate reason.
I have never heard anyone put forward any complaint about anything it prevented them from doing. People simply don’t use cash for large amounts anymore anyway.
We just bought a house a few years ago, and everything was buttery smooth, because electronic communication signatures and payments were instant. Including transfer of large amounts, that would have been insane to do with cash.