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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

#371

Post by flandish »

thaumasiotes wrote: post #355
flandish wrote: post #305

Earlier quoted context omitted.

Nobody is talking about being compelled to accept cash - we are talking about cash being used in a manner that is, arbitrarily illegal after a certain amount.

What were you saying "If cash is legal tender, then any amount is, by default, legal" meant? The only meaning of "legal tender" is that someone with a court judgment against you can be compelled to accept legal tender. It doesn't say anything about whether it's legal for you to use it in other transactions.

“ Legal tender is anything recognized by law as a means to settle a public or private debt or meet a financial obligation, including tax payments, contracts, and legal fines or damages. The national currency is legal tender in practically every country. ” https://www.investopedia.com/terms/l/legal-tender.asp

I’m sorry my use of the word “legal” in the context of “legally acceptable tender” triggered this response. You’ll have to forgive me: English is my first language.

I will try again:

The use of cash, if agreed upon by parties involved, is legal because it’s a government “backed”/“accepted” item of currency. Tendering cash in this transaction is legal. (You’re not trading a car for $value in meth or guns..)

A gov is now saying, no matter how legal the use of cash is, after a certain amount it is no longer legal.

This is, in my opinion and with my beliefs, an overreach and quite frankly nonsense. It is no surprise, but saddening all the same. That is all.

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

#372

Post by coldtea »

mgbmtl wrote: post #98
mytailorisrich wrote: post #89

Earlier quoted context omitted.

I can't find a single sensible reason why tax evasion would be the highest priority of EU governments... IMHO there are pages of more pressing issues.

Sure, but those other problems need funding.

The most pressing issue is the amount of funding wasted by bureaucrats, corporate tax deductions, subsidies to their friends, and so on...

So no...

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

#373

Post by sgjohnson »

pelorat wrote: post #293
sgjohnson wrote: post #249

Earlier quoted context omitted.

The eastern europe will lose the most in long run, because the EU caused a massive brain drain. For the west it’s just a matter of money. The demographic crisis in the east is real.

"Eastern" Europe shouldn't exist, it should be just Europe. How is there a demographic crisis in the east?

> How is there a demographic crisis in the east?

Net emigration & a fertility rate of 1.7 is what I’d call “demographic crisis”

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

#374

Post by yrgulation »

lultimouomo wrote: post #326
yrgulation wrote: post #240

Earlier quoted context omitted.

There are. Not international fees as such but there are bank to bank fees.

I have not seen a SEPA wire transfer cost more than 1€ since SEPA wire transfers have existed. Which would make the fee at most 0.01% for >10k€ payments.

Regardless of how small the fee, there is a fee that you are being forced to pay.

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

#375

Post by SQueeeeeL »

isodev wrote: post #365
AHappyCamper wrote: post #225

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 think you are jumping the gun on freedom here. There are very few remaining instances in the region where people still pay large sums in cash. Transaction costs are so low (and mostly nonexistent) that cash remains in use either in very specialised circumstances or as part of “grey economy” activities.

WHO CARES if it "only has a few instances". I will never understand where people will say that having our right LITERALLY REMOVED somehow isn't eroding our freedom. It simply is, you are objectively less free now.

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

#376

Post by coldtea »

geysersam wrote: post #48
oxff wrote: post #38

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.

Why wouldn't it have to do with fighting corruption?

Because those in power thrive and support corruption at very high levels.

This is for poor schnucks and the occasional scapegoat.

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

#377

Post by Teandw »

Strom wrote: post #280
pelorat wrote: post #274

Earlier quoted context omitted.

No one, but it would be against the law?

Money laundering was already against the law. The whole premise of this 10K limit is that it will somehow stop money laundering. The way I see it, at best it creates some hassle.

The hassle is quite important as 1) It limits the business models it can be done through and 2) It means the business models you can still launder it through are much more noticeable.

It's easy to launder $2 million selling gold bars. It's much harder to launder $2 million through a car wash without red flags showing.

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

#378

Post by chupasaurus »

Phemist wrote: post #307
nottorp wrote: post #296

Earlier quoted context omitted.

> and the Netherlands no one uses cash any more In my one visit to the Netherlands I had to use cash because small places wouldn't take Visa/MC because it was too expensive for them. They had no problem accepting cash tho. Which Netherlands have you been to?

We dont use cash very often, but we have our own separate payment networks called Maestro and V-Pay. So tourists nearly always have to resort to cash transactions.

> our own separate payment networks called Maestro

You mean Mastercard's brand?

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

#380

Post by dahfizz »

Teandw wrote: post #299
mberning wrote: post #283

Earlier quoted context omitted.

Horrible take. 10k is a pittance. Small business owners, farmers, people buying and selling vehicles, etc. It’s not a large amount of money. If you go down to the apple store and buy a couple well specced computers the bill is going to be over 10k.

I very much doubt there are money people that walk into an apple store with 10k in their back pocket to pay for some computers. Same with farmers. How many farmers living in this modern age are walking around with 10k in their back pockets? In the vast majority of cases, I would argue that people just use their bank account for such large payments these days.

> I would argue that people just use their bank account for such large payments these days.

Yup, and now they are _forced_ to. Its a single point of failure. One which the government conveniently has control over.

I'm surprised the HN crowd isn't grasping this more clearly. Backups are important.

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