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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

#521

Post by jjav »

Teandw wrote: post #256
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.

Let's be honest for a second. There are very few instances where a person would ever 'need' to pay for something over €10k in physical cash?

10K isn't that much money today, relatively easy to do.

But much more importantly, inflation means 10K is less and less every year.

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

#522

Post by Aerroon »

pelorat wrote: post #264
olivermarks wrote: post #253

'By limiting large cash payments, the EU will make it harder for criminals to launder dirty money. ' Bizarre how the EU is penalizing everyone in order to 'make it harder for criminals to launder dirty money'. People pay taxes in order to have their bureaucrats serve them by creating a safe financial and social environment, not to have them assume everyone is a criminal/terrorist and greatly impede access to their as…

> Bizarre how the EU is penalizing everyone in order to 'make it harder for criminals to launder dirty money'. It doesn't affect anyone. No one in Europe uses cash for anything more expensive than maybe 200 euros. Of course in some countries like Sweden and the Netherlands no one uses cash any more at all, and almost all ATM machines have been removed. I believe cash-only places are now outlawed. The reason for this…

And if the banks decide that they don't want to serve someone like you? Then what?

Or if the banks all decide to introduce very high fees for transactions?

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

#523

Post by Teandw »

olivermarks wrote: post #427
Teandw wrote: post #409

Earlier quoted context omitted.

"Cash is king. If you are buying a non running classic car and have a tow vehicle and trailer ready you can drive a hard bargain in the moment." If I send a 10k payment to someone via bank transfer it's in their bank account in 10 seconds. Maybe you live in a country where there are much harsher restrictions?

I live in the US and UK/Europe. The vast majority of older people at a swap meet or similar are not going to trust smartphone app transactions. Cash is king.

They don't trust a smartphone app provided by their banking provider but they trust a random bloke they've never met with 10k in their back pocket. Right. Makes sense.

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

#524

Post by 1337biz »

olivermarks wrote: post #253

'By limiting large cash payments, the EU will make it harder for criminals to launder dirty money. ' Bizarre how the EU is penalizing everyone in order to 'make it harder for criminals to launder dirty money'. People pay taxes in order to have their bureaucrats serve them by creating a safe financial and social environment, not to have them assume everyone is a criminal/terrorist and greatly impede access to their as…

The hn responses are stunning. It is insane that a pro privacy crowd supports the removal of freedoms, such as cash payments.

It is amazing how many hn users appreciate their bank and government to keep track of their purchases and hope more people will become like them - just because they can't imagine buying anything worth 10k.

When even HN is in full swing anti cash - and with current inflation rates 10k probably won't even purchase a propper bike in the near future - we will enter dark times for any privacy loving individual.

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

#525

Post by Teandw »

1337biz wrote: post #504
Teandw wrote: post #409

Earlier quoted context omitted.

"Cash is king. If you are buying a non running classic car and have a tow vehicle and trailer ready you can drive a hard bargain in the moment." If I send a 10k payment to someone via bank transfer it's in their bank account in 10 seconds. Maybe you live in a country where there are much harsher restrictions?

It is about speed. If someone offers 10k in cash and someone talk about wire transfer blahblah, sellers will always prefer the buyer just paying in cash.

You must be very slow using your phone.

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

#526

Post by ceejayoz »

p1esk wrote: post #489
Teandw wrote: post #386

Earlier quoted context omitted.

"Bizarre how the EU is penalizing everyone in order to 'make it harder for criminals to launder dirty money'." This likely affects a number of people that is so small, that it's irrelevant. Not sure it makes sense to say that such a law that effects a tiny number of individuals is penalizing everyone.

Even if no one is affected today it does not mean many won’t be affected tomorrow. What if your government decides to take all your money from you for no good reason?

> What if your government decides to take all your money from you for no good reason?

They will succeed? With or without this limit, you're fucked.

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

#527

Post by twic »

ur-whale wrote: post #454
Teandw wrote: post #257

Earlier quoted context omitted.

In what circumstances have you or someone you known ever needed to pay for something over €10k in cash?

> In what circumstances have you or someone you known ever needed to pay for something over €10k in cash? Anyone involved in the construction business. But yeah, if you're a wage slave in the tertiary sector, you're very unlikely to realize how and why cash is necessary or even a matter of survival for a large class of workers out there.

Anyone involved in the construction business has made a single transaction of over ten thousand euros in cash? What for?

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

#528

Post by 1337biz »

Teandw wrote: post #514
b112 wrote: post #484

Earlier quoted context omitted.

This likely affects a number of people that is so small, that it's irrelevant No. Just no. Rights are not a for-profit balance sheet, such as when Google support provides crappy service, or ghosts you, in the name of profit. Rights are rights. Entrenched, untouchable, everlasting. And each loss affects us all, for the next right taken, is from you. Telling people they must use private enterprise, a third party and pa…

The problem with your thinking there is that you're making an assumption that removing rights is automatically a bad thing or a loss that affects us all, which is quite simply not true. Removing rights can be a good thing. Shall we bring back the right to have slaves? Shall we bring back the right to murder those we don't like? Removing those rights from people has only made the world a better place. As you say, righ…

Shall we bring back the right for privacy now that we have no crime anymore?

Removing those rights from people has only made the world a better place... ...

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

#529

Post by ithkuil »

macNchz wrote: post #515
olivermarks wrote: post #363

Earlier quoted context omitted.

Cash is king. If you are buying a non running classic car and have a tow vehicle and trailer ready you can drive a hard bargain in the moment. Suggesting laborious bureaucratic transactions over several days removes this common occurrence in that world, along with at many other gatherings of specialists - antiques, pedigree animals, whatever

I bought a somewhat rare car with cash several years ago. The seller had a buyer lined up across the country (and showed me evidence), but said that if I could bring him cash he’d sell it to me instead. I went to the bank, brought him an envelope of $100 bills, and it was mine.

> I went to the bank [..]

Would a certified check so the same trick?

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

#530

Post by ceejayoz »

ETH_start wrote: post #520
Teandw wrote: post #456

Earlier quoted context omitted.

No citation needed. It doesn't take much brain power to know that certain things are or aren't likely. It would be like asking me to prove that not many people have done the calculation of 15435 divided by 12.5 in their life. I can just tell you from basic logical thinking, that it's not likely that many people have.

€10K is not that much.

It's a lot to put in a sack and bring to a store to pay for something.
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