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It'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…
Earlier 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.
Most people use bank transfers for this kind of stuff. The seller gives you their bank account number and you put the money in it. I recently bought a new car from a dealer, and I paid my transferring money to the dealer’s bank account. The dealer took credit card for the initial $1000 deposit but not for the full amount - avoids all those merchant fees on the full amount.
Here in Australia, you can now attach your phone number to your bank account (called “PayID”), so the buyer can just go into their Internet banking app, and transfer the money to the seller’s phone number - assuming the seller has set that up. I’ve noticed a lot of people still don’t set it up, often because they just haven’t heard about it
With inflation, “worker shortages”, and prices rising - 10,000 will soon become within reach for lots of normal people. Pushing them to NEED to use a profit driven banking system. Forcing them to be tracked. To have data mined and sold. To rely on “too big to fail” banking systems that practically schedule economic downturns every 20 years or so.
10000€ will soon be 5000€, then 2500€... make absolutely no mistake it's all about replacing cash with "Digital Euro", something the EU will have entire control on.
It'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.
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“You can’t buy a car without permission” sounds tyrannical to me.
Well there is no law forcing a salesperson to accept cash. So the permission here has little to do with the government. He is no more required to accept my bag of cash as payment than he is my vintage guitar. And while the value might be there, both are a massive hassle for the seller, so they’d simply refuse most likely.
Earlier quoted context omitted.
> Can't really think of any good legitimate use cases for large amounts of cash. Buying a car?
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.
I didn’t do it because I store a lot of cash in hand but rather because it was a PITA to move large amounts of money with the bank that I was using. The bank wouldn’t even authorise me to transact more than €10k a day via a bank transfer.
It took me a good few hours in the bank - on calls to many departments - just to get access to my money.
I’ve since moved to one of the newer challenger banks and it has been the best decision I’ve made.
Most of them introduced them to decrease tax evasion, not money laundering.
You can still have that much money in cash, just not pay with it one transaction.
"Name one practical reason to pay amounts higher than 1.000€ in cash." – unknown progressive
Meanwhile money laundering through slot machines, hairdressers, car washes and other low transaction value covers remain entirely unaffected.