It's a pity that the venn diagrams of people who understand the need for private money transactions and people who understand the macroeconomic need of (occasional) negative interest rates do not in practice seem to overlap.
EU-wide maximum limit of €10K for cash payments
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Re: EU-wide maximum limit of €10K for cash payments
#22Here in Switzerland we used to use cash for a lot of things, I remember paying my car in cash. It has changed a lot with covid. I do not know the regulation on any limit.
Re: EU-wide maximum limit of €10K for cash payments
#23This one kinda makes sense to me. Can't really think of any good legitimate use cases for large amounts of cash. Closest I can think of say a bar or something similarly cash heavy getting cash and paying suppliers directly. (which is in itself problematic @ tax)
> Can't really think of any good legitimate use cases for large amounts of cash.
Affluent people tend to diversify where they keep their money. They have a few different checking accounts, savings/money-market accounts, brokerage accounts, assets, petty cash, and probably some other things. If you do not have the level of wealth that gives you the flexibility to keep large sums of money in a relatively inaccessible place (e.g. a brokerage account that might take 1-3 days to liquidate and another day to do a bank transfer), you might opt to keep a few thousand in cash in case something happens with your bank, such as your account being frozen or just drained due to fraudulent activity. It’s always prudent to keep reserves in diversified locations.
Re: EU-wide maximum limit of €10K for cash payments
#24You don't own the cash in your pocket
If you can't explain where it comes from. Otherwise, it's yours to do with as you please.
Get the boot out of your mouth. If cash is legal tender, then any amount is, by default, legal.
This law makes it not fully legal tender (after amount X). It is disgusting.
Stop pretending the government (any) has the “average” man’s best interest. Stop pretending they care.
Re: EU-wide maximum limit of €10K for cash payments
#25This one kinda makes sense to me. Can't really think of any good legitimate use cases for large amounts of cash. Closest I can think of say a bar or something similarly cash heavy getting cash and paying suppliers directly. (which is in itself problematic @ tax)
> Can't really think of any good legitimate use cases for large amounts of cash. Buying a car?
I can’t imagine a car dealer who would do anything but laugh if I bought a car north of €10k and suggested I wanted to pay in cash. I’m 100% sure they’d rather not sell the car at all. Same if I privately sold a car that expensive and the buyer showed up with cash. The hassle involved with depositing and withdrawing large amounts of cash due to KYC laws already makes this a no go. And for good reason imo.
Re: EU-wide maximum limit of €10K for cash payments
#26Earlier quoted context omitted.
If you can't explain where it comes from. Otherwise, it's yours to do with as you please.
Why should anyone have to prove what’s in their pocket is theirs? Why not have police question people for wearing shoes that are a little too nice or seize expensive watches?
Police actually does that here NL). If you declare hardly any income or posessions on your tax report, yet you drive some very expensive car, you may expect a visit from some fraud investigation unit.
This has proven very effective against organised crime.
Re: EU-wide maximum limit of €10K for cash payments
#27With inflation, “worker shortages”, and prices rising - 10,000 will soon become within reach for lots of normal people.
Pushing them to NEED to use a profit driven banking system. Forcing them to be tracked. To have data mined and sold. To rely on “too big to fail” banking systems that practically schedule economic downturns every 20 years or so.
Re: EU-wide maximum limit of €10K for cash payments
#28> Terrorists and those who finance them are not welcome in Europe. In order to launder dirty money, criminal individuals and organisations had to look for loopholes in our existing rules which are already quite strict.
Russian mafia is living in billion dollar mansions all around EU in the open, with full knowledge of EU 3 letter services.
Why would anybody go for "retail" laundering when you can buy a bank for a pocket change in Cyprus?
Ways to launder money fully legally are vastly, vastly more widespread than mules with bags of cash, and are protected by connivance of Western governments.
Re: EU-wide maximum limit of €10K for cash payments
#29Earlier quoted context omitted.
If you can't explain where it comes from. Otherwise, it's yours to do with as you please.
burden of proof?
You’ll need to explain where large amounts of cash comes from when depositing, or what it’s for when withdrawing. So in a way the burden is on whoever wants to use large amounts of cash.
Re: EU-wide maximum limit of €10K for cash payments
#30I think another important thing to mention is that there is a regulation on centralized crypto exchanges about unhosted wallets. Therefore, this regulation is completely against defi I would say.