Earlier quoted context omitted.
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?
A vehicle, a house...
Sure if you don't want to pay tax
EU-wide maximum limit of €10K for cash payments
281–290 of 915 posts
Re: EU-wide maximum limit of €10K for cash payments
#282Earlier quoted context omitted.
It allows you to acquire coins over time, then use them later to move wealth in a less-traceable way.
You could just do same thing with normal money tho ?
Just hypothesizing, do not actually know if this is the mechanism, but it is entirely possible that by storing gold with a broker could allow them to access the value in order to make other investments. Essentially, having cash as collateral means having it in a bank and subject to these restrictions whereas gold in a 3rd party vault might not be but still give you the same access to credit.
Re: EU-wide maximum limit of €10K for cash payments
#283This 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?
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.
Re: EU-wide maximum limit of €10K for cash payments
#284First 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.
European here. The EU can go to hell and I long for the day when the union will finally implode.
Who do you think makes these rules and laws in the EU? Belgians? Reptilians?
It's the elected by the people of each country and the appointed by those elected by the people of each country.
EU is not a subscription provided by 3rd parties, EU is about coordination between the the European countries and any country can veto. That's actually why EU is considered slow and inefficient in some areas.
If EU says no more cash payments over 10K EUR, that means all the member countries agree that no more cash payments over 10K EUR.
Re: EU-wide maximum limit of €10K for cash payments
#285Earlier quoted context omitted.
The bank reports your bank transactions to the tax authority, who compare them with your tax returns. If there are significant discrepancies you'll probably get asked questions about your customers.
Well in Estonia (an EU state) this certainly doesn't happen with any regularity. The tax authority has the possibility to ask for bank statements, but they are required by law to inform the account holder of this check up. It only happens for cases where you're already under a tax authority investigation. I know though that this is the case in more government-happy states like Denmark, where the banks send this data…
What happens when you limit the amount that can be made in a singular cash transaction, is that you then severely limit what businesses that you can use to launder it through.
If you can pay $100k in cash for a gold bar, it only takes 20 transactions to launder $2 mill. That's not all that suspicious.
With this new limit, you've now turned that into 200 transactions needed. Now the business stands out more because they tend to use business averages/data to spot things.
Re: EU-wide maximum limit of €10K for cash payments
#286'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…
> It doesn't affect anyone. No one in Europe uses cash for anything more expensive than maybe 200 euros.
Sold a used car just last year, got 2700€ in cash for it.
Much easier than doing a bank transfer (which takes 1 day to arrive, if you're unlucky, and can be rolled back), or a paypal transfer (which can be undone) or anything else between to individuals.
For b2c or b2b I agree, nobody pays that much in cash, but for individuals transacting with one another, it still seems the easiest option.
Re: EU-wide maximum limit of €10K for cash payments
#287Earlier quoted context omitted.
> Can you name one practical reason to pay more than 10k cash? Have you ever bought a used car? Or played relatively high limit at a casino? It’s perfectly normal to take 6 figures cash to a casino if you’re playing high stakes poker, for example. And there are plenty of other reasons.
> Have you ever bought a used car? A cashiers check costs what? 10, 20 euros? And we’re talking about how it can impact real people here, not the 0.1% who gamble 10 years’ minimum wage at the casino in one evening
> A cashiers check costs what? 10, 20 euros?
Virtually nobody in Europe uses checks (in my country they are explicitly banned as a tender). It’s either cash or a bank transfer, and for such purchases, most people really prefer cash.
> And we’re talking about how it can impact real people here, not the 0.1% who gamble 10 years’ minimum wage at the casino in one evening
Most professional poker players are staked. They aren’t gambling with their money. It’s a job. A high risk, high reward job, but still a job. And it was just an example, and a perfectly valid at that.
Re: EU-wide maximum limit of €10K for cash payments
#288This 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?
Yes, and "if you have nothing to hide, you don't need privacy".
Re: EU-wide maximum limit of €10K for cash payments
#289Earlier quoted context omitted.
EU citizen here. You are not representative. The EU is an incredible boon to civil rights, national wealth and our consumer protections are enviable.
And huge disparity between south, east and west, discrimination, worker exploitation, systemic racism against europe’s minorities, human trafficking and cross border corruption, policies made to serve some countries and not others, and those european countries not within the eu or affiliated effectively isolated.
> systemic racism against europe’s minorities, human trafficking and cross border corruption, policies made to serve some countries and not others
You are describing the USA.
Re: EU-wide maximum limit of €10K for cash payments
#290UK/CAN/AU/NZ are next.