Crypto for the win (Monero).
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EU-wide maximum limit of €10K for cash payments
191–200 of 915 posts
Re: EU-wide maximum limit of €10K for cash payments
#192Can someone explain to me how this 10K EUR limit can be enforced? What will stop the launderer from selling an item/service valued at 1K to a thousand anonymous customers who paid with cash? Surely they're not going to demand KYC for every tiny cash transaction? If they aren't, I can't see a limit to the number of fake customers you can come up with. Or is this just meant for cases where the business is already under…
> Can someone explain to me how this 10K EUR limit can be enforced?
Same way the law about having the correct plate on your car is. Nobody's stopping you, but if you're caught, you go to jail and/or get a fine.
Re: EU-wide maximum limit of €10K for cash payments
#193I've noticed some similar in America recently. I've got friends who move 5-6 figure sums for various personal businesses, and their banks have been extra critical of their transactions. One bank got so annoying, that my friend tried to close the account, and couldn't! Lately hearing more and more stories about people getting de-banked, as been making me feel a little nervous. In the cases of the banks and my business…
Underreported info is that during many months of pandemic you couldn’t withdraw any significant amounts of cash. I decided to withdraw $10k just in case and they told me maximum they can do is $1k per day and this story repeated for many months.
There is not an issue with the safety of banks. There was an issue with the amount of physical cash in the right place - during the pandemic (like any panic, recession etc) lots of people rush to cash and there isn’t enough of it. May mean the same thing when you can’t get the cash but it’s an important distinction. Ultimately very few people use cash so why have massive stocks everywhere, use it or lose it people…
Re: EU-wide maximum limit of €10K for cash payments
#194Re: EU-wide maximum limit of €10K for cash payments
#195Nothing 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.
> To monitor for... corruption?
Yes, because people taking a bribe would definitely care that it’s illegal to have a cash transaction over €10k
Re: EU-wide maximum limit of €10K for cash payments
#196Earlier 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
Yes. Good old "look where the trend is going, foresee the risks".
Ah, remembering the surprise of upset people when they did not raise a suspect in front of bank clerks telling you "It's contactless, limited risk, 25u per transaction" (and already then the child-basic retort is "Times by how many transactions?"), and then were reached by the bank information that "owing to progress the limit is now raised to 50u / 100u / 150u ..."
Re: EU-wide maximum limit of €10K for cash payments
#197First 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.
Well, we do, if you don't like that fact complain to your government.
"Oh look at those EUROPERANS with their fancy PRIVACY, real men get fucked unlubed by corporations and LIKE IT" doesn't help anyone here, the fight here is to make government do well by average citizen, not throwing insults at people that happen to be fucked differently by their government
Re: EU-wide maximum limit of €10K for cash payments
#198It'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…
Is the goal to push people to crypto?
> The new EU anti-money laundering and combating the financing of terrorism (AML/CFT) rules will be extended to the entire crypto sector, obliging all crypto-asset service providers (CASPs) to conduct due diligence on their customers. This means that they will have to verify facts and information about their customers.
Re: EU-wide maximum limit of €10K for cash payments
#199For context, few countries in the EU don’t have any limit to cash payments. Most of them introduced them to decrease tax evasion, not money laundering. You can still have that much money in cash, just not pay with it one transaction.
> to decrease tax evasion
Through a very obscure logic, since payment cap cannot exclude unregistered payments.
Re: EU-wide maximum limit of €10K for cash payments
#200Earlier quoted context omitted.
Tax levels are high and tax are being collected. Governments aren't short of money because of tax evasion. Tax evasion is not a top priority however you look at it... the argument sounds like "but think of the children" to justify things that are actually motivated by other aims and/or ideological reasons.
My country loses about €32 billions in yearly income due to tax evasion. That's the amount of money that could change many lives if used right. Instead we're cutting benefits to the poor bto reduce our deficit. Tax evasion is a top priority.
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