231–240 of 915 posts
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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.
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> "Name one practical reason to pay amounts higher than 1.000€ in cash." it's 10.000 euros, you're off by an order of magnitude. Can you name one practical reason to pay more than 10k cash?
Car, house, selling/buying land etc. Mostly coz many banks take % cut on big money tranfers so taking it out and just giving it to someone in a bag is sometimes tens of thousands cheaper
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European here. The EU can go to hell and I long for the day when the union will finally implode.
EU citizen here. You are not representative. The EU is an incredible boon to civil rights, national wealth and our consumer protections are enviable.
We don’t even have a true right to free speech. That puts us behind the U.S., because I struggle to think of a “civil right” that we have but Americans don’t.
And before you pull “healthcare”, first of all, it’s got nothing to do with the EU, and secondly, in most EU countries the state-funded healthcare is so abysmal that everyone who can afford it still takes out private insurance.
> and our consumer protections are enviable.
Like GDPR, which is a legislation so fantastic that for most businesses it’s physically impossible to truly comply with it?
This is obviously the first part of a major push to force us to use Central Bank Digital Currencies. Now that they are banning cash, we will be controlled like never before. This is the beginning of the end of freedom.
Can 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…
You open a bank account and start "selling an item/service valued at 1K to a thousand anonymous customers who paid with cash" and you'll come up against KYC and have your account flagged regardless. That's what would be stopping you; existing anti-money laundering systems. This is then how things like this are enforced.
I personally already run a business and my bank has never wanted any info from me about my business's customers. Sure they know me well, but not my customers.
Are you saying this is an exception?
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European here. The EU can go to hell and I long for the day when the union will finally implode.
EU citizen here. You are not representative. The EU is an incredible boon to civil rights, national wealth and our consumer protections are enviable.
Earlier quoted context omitted.
You open a bank account and start "selling an item/service valued at 1K to a thousand anonymous customers who paid with cash" and you'll come up against KYC and have your account flagged regardless. That's what would be stopping you; existing anti-money laundering systems. This is then how things like this are enforced.
But that implies that you're using the bank system in the first place. What if you don't?
You could launder $100k through the means you mentioned with Bitcoin through illegally operated exchanges for example but then what? You can't use it to buy a property that way.
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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?
High end electronic equipment, for example.
Or do you by personal devices linking them to your name?
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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.