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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

#471

Post by Blue111 »

Teandw wrote: post #436
Blue111 wrote: post #194

Earlier quoted context omitted.

Ideally, you could afford to never have to convert your Moneros to cash.

What would be the point in having large amounts of valuable Monero if you could never use it properly? As in, if you tried to buy a house, you'd still need to go through money laundering checks. You'd always be limited to small value transactions if you never wanted to pass some sort of KYC/money laundering check at some point.

You don't need money if everyone has Moneros (which is not money, according to the US gov...)... does KYC still apply if money isn't involved?

I.E.: You got paid in Moneros, etc...

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

#472

Post by nordsieck »

CraigJPerry wrote: post #358
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.

You don’t need CBDC, just the existing system today. Here in the UK something like 3% of money is available as paper cash. The rest is just a row in a database. Assets are zero sum - if i sell you my car, i no longer have that asset. Money is not zero sum. It is created and destroyed as loans are made and repaid. Which kinda frazzles people’s minds when they hear it. I know it certainly did mine when i first learned.…

> Money is not zero sum. It is created and destroyed as loans are made and repaid.

For some definitions of money. Definitely not true of M0.

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

#473

Post by elorant »

Teandw wrote: post #357
elorant wrote: post #245

Earlier quoted context omitted.

How is it money laundering when the money is already in the bank and thus accounted for?

Being flagged for money laundering and it actually being money laundering are two different things. Obviously it would then lead to them asking why he was choosing to pay the builder in such a manner, rather than just doing a bank transfer. Ultimately could lead into an investigation of some sort.

Money laundering is when you can't justify the origin of the money. Not when you withdraw them to pay cash. You may spend them in prostitutes, or just giving them away. The bank has no business in asking you what you do with them, aside from putting some fail safes to makes sure no one is stealing from your account.

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

#474

Post by ars »

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?

If you are buying a used car from a private party, what else is there except cash?

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

#475

Post by jacquesm »

mberning wrote: post #283
Teandw wrote: post #256

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?

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.

There is no way I'm going to show up to buy a vehicle with that kind of cash on me, it's asking for a robbery.

The last time I saw someone use that much cash it was to buy a house in Amsterdam in the mid 80's, and even then it was frowned upon by the notary and the recipient. The notary made them deposit it into their bank account first and probably had to report the deal as 'unusual'.

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

#476

Post by anigbrowl »

heap_perms wrote: post #465
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.

Could not agree more. I'm completely flabbergasted by the amount of people on HN that seem so blind to this observation.

It's more of an opinion than an observation. Please don't construe this as an endorsement of the proposal at issue here.

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

#477

Post by ericd »

CosmicShadow wrote: post #351
jesusofnazarath wrote: post #266

Earlier quoted context omitted.

A car?

I'm still not sure who buys a car that expensive with cash, seems sketchy, inconvenient and unsafe. I wouldn't take cash if someone wanted to pay me that much, in fact someone did, they paid me for a contract with $5000 in used 20s and it was really fucked up, I didn't know how to get it into a bank or use it for anything without setting off alarms.

Why? Just take it to the bank and give them the envelope(s). That's not a large amount of money to a bank. They drop it in a counting machine, and it blitzes through that amount in a few seconds.

It's probably a good idea to have some reasonable amount of cash on hand for times when electronic payments aren't available for whatever reason (natural disasters, for example).

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

#478

Post by jacquesm »

ars wrote: post #474
Teandw wrote: post #256

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?

If you are buying a used car from a private party, what else is there except cash?

Instant bank transfer using your phone or laptop, smartcard + token.

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

#479

Post by matt123456789 »

senko wrote: post #438
dahfizz wrote: post #380

Earlier quoted context omitted.

> 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.

> Its a single point of failure You can have more than one bank account.

The point is that you cannot do any meaningful amount of business if “the system” prevents you from banking, or malfunctions in some way that locks you out. Or more insidiously, if someone in power prevents you from banking because they do not like what you have to say. There is no longer a gray market relief valve. All unbanked business activity is illegal.

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

#480

Post by jacquesm »

eddsh1994 wrote: post #206

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.

That's called structuring and will cause all kinds of trouble.
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