81–90 of 915 posts
Earlier quoted context omitted.
10000€ will soon be 5000€, then 2500€... make absolutely no mistake it's all about replacing cash with "Digital Euro", something the EU will have entire control on.
Ah, good ol’ slippery slope arguments
Nothing to do with "fighting corruption" (or else a literal convicted felon wouldn't be head of ECB, - lol, lmao even) they just want to monitor you more.
From the point of view of the state, tax evasion these days is by far the highest priority.
Earlier quoted context omitted.
Well there is no law forcing a salesperson to accept cash. So the permission here has little to do with the government. He is no more required to accept my bag of cash as payment than he is my vintage guitar. And while the value might be there, both are a massive hassle for the seller, so they’d simply refuse most likely.
> And while the value might be there, both are a massive hassle for the seller, so they’d simply refuse most likely. And the "hassle" is not actually accepting cash, as that's the least of the problems. It's dealing with the risk and consequences of doing business with someone the government doesn't approve of and then getting in trouble for it (even though the car business has nothing to do with that person). You're…
Whose fault is it? I mean they literally don’t and as far as I know this is because is insecure and expensive. A bag of cash is an expensive liability. They’d prefer I deposited the money and transfered it to them instead. Most restaurants and cafes don’t accept cash either although they are certainly free to do so. But it’s more convenient to just put up a sign saying “no cash” and you have magically cut your cash handling costs to zero and your robbery risk significantly.
Earlier quoted context omitted.
> Get the boot out of your mouth. If cash is legal tender, then any amount is, by default, legal. The concept of what is and isn’t “legal tender” is pretty extreme in the US compared to many other places. E.g many (most?) countries routinely takes bank notes out of circulation and make them worthless. But this isn’t so much about whether is legal tender but more about KYC laws: your €20K is no good to me as payment f…
> I like my government. I believe it operates with the best interest of the majority in mind. Yeah, I used to believe that too. > Are people accepting living in democracies they experience working so poorly that they believe government has its own - or worse someone else’s - best interest in mind. Yes, unfortunately. And that's something people learn to accept because 1) most people are not aware that governments cou…
Add in the layers of “manufactured consent” and you get… this to help “fight” “terrorism.”
https://www.getmonero.org/
Earlier quoted context omitted.
> He is no more required to accept my bag of cash Sometimes, the bank won’t accept your bag of cash. One time I was in a bank branch sorting out some matter, and I overheard a conversation between the bank staff and another customer. The customer had a bag containing $100K in cash, and wanted to deposit it into their account. The bank staff were on the phone to the bank’s security office, asking for permission to acc…
> Sometimes, the bank won’t accept your bag of cash Cash limits aside, They at least have legal requirements to know their customers and not blindly accept cash without any idea where it came from. Edit: this isn’t an opinion this is a simple statement of fact.
I suspect the people who actually try to deposit $100K in cash at a bank are probably not criminals/etc, they are just people with “more money than sense”. People with something to hide will try to avoid drawing attention to their activities, but turning up at a bank branch with that amount of cash attracts a lot of attention. And the criminals who are actually dumb enough to do that kind of thing get caught very quickly
Earlier quoted context omitted.
If that's the case then there's no need for this regulation.
I don’t see how that’s related. It’s one thing to regulate who must and must not accept cash. E.g it’s in the interest of society to mandate important functions such as buying food is always possible with cash. The law in the article is about a size limit for cash transactions when cash is accepted. It doesn’t have anything to do with who will or must accept cash. Only that if they do, there is a limit.
And buying a car is not important?
> Only that if they do, there is a limit.
And this limit is below the value of most cars.
Which is what we were discussing in this thread.
It's a spreadng practice. Australia is introducing (or may have already passed?) a similar Act with an AU $10K limit on "unapproved" cash transactions. Over the limit you'll need approval. Of course the usual loophole for the weathy applies, 3x $3,000 face value gold bullion coins [1] is under the cash transaction limit, although at a kilo each and ~$88K per in valuae, that's almost $300K in value technically under a…
3x $3000 in cash is also under the limit.
Nothing to do with "fighting corruption" (or else a literal convicted felon wouldn't be head of ECB, - lol, lmao even) they just want to monitor you more.
To monitor for... corruption? From the point of view of the state, tax evasion these days is by far the highest priority.
Earlier quoted context omitted.
> And while the value might be there, both are a massive hassle for the seller, so they’d simply refuse most likely. And the "hassle" is not actually accepting cash, as that's the least of the problems. It's dealing with the risk and consequences of doing business with someone the government doesn't approve of and then getting in trouble for it (even though the car business has nothing to do with that person). You're…
> You're arguing like if the salesperson is not accepting cash out of their own free will. But you know that's not true. Whose fault is it? I mean they literally don’t and as far as I know this is because is insecure and expensive. A bag of cash is an expensive liability. They’d prefer I deposited the money and transfered it to them instead. Most restaurants and cafes don’t accept cash either although they are certai…
"Under AML regulations, anyone involved in vehicle sales can face significant fines and even criminal prosecution if they fail to detect money laundering. This includes law firms, banks as well as vehicle dealers—who can be any individual or business that trades vehicles or acts as an intermediary in their purchase or sale" [1]
> A bag of cash is an expensive liability.
Not as much of a liability as not selling the car. Unless, of course, the government is threatening to put you in jail, then yes, it's an expensive liability.
> Most restaurants and cafes don’t accept cash either although they are certainly free to do so.
Wait, what? They don't? I've never been to such a restaurant or cafe... and I've been to dozens of countries. I've been in a few restaurants/cafes that don't accept credit cards, that's for sure (mostly because of the fees I suppose). I wonder what's going on where you live.
> But it’s more convenient to just put up a sign saying “no cash” and you have magically cut your cash handling costs to zero and your robbery risk significantly.
Perhaps you should consider living in an area with a lower risk of robbery and/or more effective police?
What you are saying here is not a problem in most of the world. And it has nothing to do with the new law we are talking about.