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EU-wide maximum limit of €10K for cash payments
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Re: EU-wide maximum limit of €10K for cash payments
#52It's a spreadng practice. Australia is introducing (or may have already passed?) a similar Act with an AU $10K limit on "unapproved" cash transactions. Over the limit you'll need approval. Of course the usual loophole for the weathy applies, 3x $3,000 face value gold bullion coins [1] is under the cash transaction limit, although at a kilo each and ~$88K per in valuae, that's almost $300K in value technically under a…
Every time the Australian government does something authoritarian I double my Monero holdings (I'm about to have to give that strategy up :[, unfortunately). If the government starts spinning out of control to the point where people actually need to start dodging these invasive financial laws, those gold coins are going to get seized.
Like in 1933.
Re: EU-wide maximum limit of €10K for cash payments
#53Earlier quoted context omitted.
I can’t imagine a car dealer who would do anything but laugh if I bought a car north of €10k and suggested I wanted to pay in cash. I’m 100% sure they’d rather not sell the car at all. Same if I privately sold a car that expensive and the buyer showed up with cash. The hassle involved with depositing and withdrawing large amounts of cash due to KYC laws already makes this a no go. And for good reason imo.
Car dealers are not the only people selling cars. Anybody who owns a car may want to sell it, and using a credit card is not an option for most private sellers. I can see why the 10k limit makes sense, but it would be dishonest to claim that it won't make private car selling a bit more complicated than it was. Escrow services will now probably pop up to facilitate private car sales, but it may be worth it.
I’d never ever use cash for a private sale - of anything — either regardless of whether it was $100 or $100k. For a large number like $10k, bank transfers work well. For smaller numbers, instant transfers are cheap and nearly 100% of people use them here (and importantly the same service - so I know I can instantly transfer $2 to anyone at any time for free).
When I place an ad to sell a used something for €50 I don’t expect to get cash for it and the seller probably isn’t expecting me to accept cash as payment either.
I haven’t used a banknote for probably 10 years now. I haven’t even seen most of the banknotes in circulation here. This isn’t all positive (for privacy and resilience in a crisis), and the fact that I wouldn’t doesn’t change the equally important fact that I want to be able to do it. And that ability is of course in peril here. But it doesn explain the situation quite well wrt to what the real impact of laws like this would be.
Re: EU-wide maximum limit of €10K for cash payments
#54Black Market is gonna surge baby! To the moon!
Re: EU-wide maximum limit of €10K for cash payments
#55Re: EU-wide maximum limit of €10K for cash payments
#56Earlier quoted context omitted.
Anyone can use that loophole it requires no special legal machinations.
Anyone that has 300K$ laying around in gold is most likely very wealthy.
I mean, if the thing you are trying to work around is a law preventing you from paying 300K in cash, I don't think using bullion changes much about how wealthy you are.
Re: EU-wide maximum limit of €10K for cash payments
#57Nothing 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?
There is a ton of corruption going on at much higher dollar values and governments do very little about it - corrupt businessmen tend to be the most reliable donors.
Re: EU-wide maximum limit of €10K for cash payments
#58This one kinda makes sense to me. Can't really think of any good legitimate use cases for large amounts of cash. Closest I can think of say a bar or something similarly cash heavy getting cash and paying suppliers directly. (which is in itself problematic @ tax)
I want to be able to legally receive my salary as cash without special permission; eg, a customer paying me for a project. This law prohibits paying me for a month in cash.
If you make more than 10k euro in a month, that is.
Re: EU-wide maximum limit of €10K for cash payments
#59Nothing 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.
Specifically Christine Lagarde was found guilty of 'carelessly' giving a massive payout of taxpayers’ money to controversial French businessman Bernard Tapie.
Re: EU-wide maximum limit of €10K for cash payments
#60It's a pity that the venn diagrams of people who understand the need for private money transactions and people who understand the macroeconomic need of (occasional) negative interest rates do not in practice seem to overlap.
Why is it a pity? Over time it will be revealed which group was thinking with the most clarity and prudence.