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EU-wide maximum limit of €10K for cash payments

consilium.europa.eu

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Re: EU-wide maximum limit of €10K for cash payments

#181

Post by pfortuny »

peoplefromibiza wrote: post #152
merinofg wrote: post #149

Earlier quoted context omitted.

He is not. In Spain, for instance, it is already illegal to pay with cash costs above 1.000€ in any commerce. You are forced to buy it using a credit/debit card.

Spain is in the EU, but Spain is not the EU. So he is. But then again, what's the practical reason to pay more than 1k cash?

I do not want the government or the bank to know that I am buying a motorbike, a car, a washing machine or ten dozen frying pans.

Just that.

If the bank knows, the government does.

Re: EU-wide maximum limit of €10K for cash payments

#182

Post by mdp2021 »

collegeburner wrote: post #139
andai wrote: post #129

Earlier quoted context omitted.

It's to phase out cash. Can't be a good citizen unless every transaction is logged and monitored!

and in 5 years, you'll be using the great new CBDC! so the ECB can automatically remove your money to comply with negative interest rates!

At least with CBDC there seems to be a way planned for anonimity:

> There are two types of retail CBDCs. They differ in how individual users access and use their currency: // Token-based retail CBDCs are accessible with private/public keys. This method of validation allows users to execute transactions anonymously // Account-based retail CBDCs require digital identification to access an account // The two types of CBDCs, wholesale and retail, are not mutually exclusive[ - i]t is possible to develop both and have them function in the same economy

Pretty important, because currently having anonymous electronic transaction is heavily difficult.

https://www.investopedia.com/terms/c/central-bank-digital-cu...

Re: EU-wide maximum limit of €10K for cash payments

#183

Post by mfuzzey »

flandish wrote: post #24
tgv wrote: post #9

Earlier quoted context omitted.

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.

>Stop pretending the government (any) has the “average” man’s best interest

"Average" people don't pay >10k€ in cash. So this measure won't hurt average people and may stop some money launderers / frauders so no issue with it.

And actually most EU countries already have lower limits.

Re: EU-wide maximum limit of €10K for cash payments

#184

Post by roenxi »

mcv wrote: post #137
woodpanel wrote: post #68

I just love how the grandstanding of European green-progressives of the past, when they positioned themselves as champions of privacy, completely flipped once they came to power. "Name one practical reason to pay amounts higher than 1.000€ in cash." – unknown progressive

They want privacy for regular people, accountability for the rich and powerful.

That is a lot like asking for a form of secure end-to-end encryption which law enforcement can monitor server-side.

If a government can differentiate between a regular person and someone rich and powerful, neither of them have any privacy. There has to be invasive monitoring of the regular person to ensure they aren't stealthily becoming rich.

Re: EU-wide maximum limit of €10K for cash payments

#185

Post by Teandw »

snovv_crash wrote: post #4

Meanwhile money laundering through slot machines, hairdressers, car washes and other low transaction value covers remain entirely unaffected.

You've been watching too many movies and TV programmes.

Things like using car washes to launder money are pretty much a dead thing because it's one of the worst ways to do it.

Re: EU-wide maximum limit of €10K for cash payments

#186

Post by sgjohnson »

friend_and_foe wrote: post #167

First line in the article: > The EU continues its fight to protect EU citizens and the EU's financial system against money laundering and terrorist financing. The EU has control of the propaganda machine at levels comparable to the Soviet Union. We should've just let them have it. I wonder how many Europeans are going to get in this thread to tell us Americans how much more privacy they have.

European here. The EU can go to hell and I long for the day when the union will finally implode.

Re: EU-wide maximum limit of €10K for cash payments

#187

Post by radford-neal »

beefield wrote: post #21

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.

The usual argument for why negative interest rates might be needed is to prevent deflation. But in a fiat currency system like we have, it is always extremely easy for governments to reduce the value of the currency (ie, stop deflation). They can just print more money. In detail, they can just finance government expenditures with money created out of nothing, if necessary cutting taxes to provide more need for money to be created that way. This is in fact what has happened many, many times. It's not some strange fringe theory. There is no doubt whatever that it works. There is no need for negative nominal interest rates.

Re: EU-wide maximum limit of €10K for cash payments

#188

Post by lol768 »

Canada wrote: post #101
alkonaut wrote: post #25

Earlier quoted context omitted.

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.

> 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. Doesn't sound like how any car salesman, or any commission salesman I've ever met thinks. Car ownership is registered with government anyway, so it's not as if anyone can get away with pretending to be poor and owning a bunch of fancy cars anyway. In my personal experience cash is how us…

> I don't get any money until you hand me the cash.

Just do a bank transfer to the individual you're buying the car off. Unless you live in a country with incredibly poor payments infrastructure, the funds will be available instantly.

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