241–250 of 915 posts
This new EU regulation has nothing to do with preventing terrorism or money laundering, but rather paving the way for its CBDC. This is about power and surveillance.
Yep,thugs will use crypto, but EU can force their will on people wallets easier.
https://finance.yahoo.com/news/only-0-15-total-crypto-174206...
The share of illicit activities for cash is around ~5%, 33x more than cryptos.
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.
I know someone in England who paid for their houses construction by going to an ATM and maxing out the cash withdrawal per card, putting the cash in a bin bag, and giving it to the builders on a daily basis. I don't believe it'd be realistically possible to stop this from occurring.
Your friend is lying to you. If you do this enough times, the bank automatically flags the account for money laundering. It's very basic and standard money laundering procedures. "I don't believe it'd be realistically possible to stop this from occurring." - It already happens and is already stopped so you're wrong on that one.
Earlier quoted context omitted.
I'm pretty sure a big goal is to fight tax evasion. I can't speak for all of EU, but here in Austria tax evasion is very common. For example, it's still extremely common to pay contractors under the table. They will ask you if you need an invoice, and the price will be a lot lower if you don't. Another example are restaurants. For a few years it has been required that restaurants always provide you with a receipt, bu…
What if the government is tyrannical or arbitrarily seizes your funds?
I know someone in England who paid for their houses construction by going to an ATM and maxing out the cash withdrawal per card, putting the cash in a bin bag, and giving it to the builders on a daily basis. I don't believe it'd be realistically possible to stop this from occurring.
Your friend is lying to you. If you do this enough times, the bank automatically flags the account for money laundering. It's very basic and standard money laundering procedures. "I don't believe it'd be realistically possible to stop this from occurring." - It already happens and is already stopped so you're wrong on that one.
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.
You mean a bank will demand to know information about the customers of a business that has an account with them? 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?
I know someone in England who paid for their houses construction by going to an ATM and maxing out the cash withdrawal per card, putting the cash in a bin bag, and giving it to the builders on a daily basis. I don't believe it'd be realistically possible to stop this from occurring.
Your friend is lying to you. If you do this enough times, the bank automatically flags the account for money laundering. It's very basic and standard money laundering procedures. "I don't believe it'd be realistically possible to stop this from occurring." - It already happens and is already stopped so you're wrong on that one.
Earlier quoted context omitted.
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!
By the time Madame Lagarde is done a lot of people will be praying to still have something in the bank to pay negative interest for. With the current inflation €10.000 will be worth far less in the near future, and I'm certain the amount won't be updated yearly to account for that. This 10k "magic number" has stayed the same for a long time. This isn't about money laundering as much as about control over even relativ…
Earlier quoted context omitted.
The EU is a boon for the mercantile class. It's by design... ;-)
It lifted my country as well as dozens of others out of developing world status. There's a huge delta in national wealth between post soviet nations who joined the EU and those that didn't for example. A rising tide raises all boats.
For the west it’s just a matter of money. The demographic crisis in the east is real.