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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

#751

Post by peoplefromibiza »

mdp2021 wrote: post #238
peoplefromibiza wrote: post #152

Earlier quoted context omitted.

Spain is in the EU, but Spain is not the EU. So he is. But then again, what's the practical reason to pay more than 1k cash?

> more than 1k cash High end electronic equipment, for example. Or do you by personal devices linking them to your name?

Your personal devices are already linked to your name.

Do you really believe you are anonymous?

SIM cards are not, for example, since forever here in Europe.

warranty certificates must contain all your personal data to be valid.

You would renounce to free 2 years warranty only to pay cash?

Why?

what's the deal with that laptop, what's the reason to keep it secret?

Suddenly your secrecy it's much more interesting for the shop owner than you paying with a bank transfer or credit card like any other person would do and not raise any suspicion.

If I was them I would alert someone, in case you'd do something illegal with it, just to be on the safe side.

See? even if you are a criminal using cash just for the sake of using cash it's stupid.

Most shops don't even accept large amount of money in cash, it's dangerous for them and costs them a lot more to handle and keep safe.

even many bank offices or postal office don't keep cash to avoid being robbed. It's for employees safety.

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

#752

Post by rahen »

tick_tock_tick wrote: post #416
rahen wrote: post #241

Earlier quoted context omitted.

Thugs use cash, not cryptos. https://finance.yahoo.com/news/only-0-15-total-crypto-174206... The share of illicit activities for cash is around ~5%, 33x more than cryptos.

Damn that's insane! I feel like they have to be miscounting something or way more of crypto is "illicit activities" then I ever imagined.

"Bitcoin is for drugs" is the "Linux is for hackers" we had in 2000. I'm surprised technically educated people fall for it.

https://www.quora.com/My-son-is-using-Lunix-an-illegal-hacke...

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

#753

Post by epolanski »

chmod775 wrote: post #737
epolanski wrote: post #639

Earlier quoted context omitted.

This is nonsense, most money in the world is already digital only, Euro too, only a small % is paper/coins. I'm surprised by the amount of negativity around this news really.

So because people don't routinely make use of their freedom to pay in cash, it's okay to take it away? I now understand why some people in the states walk around openly carrying firearms, exercising their rights.

What the hell is "freedom to pay in cash" even supposed to mean.

Why would I, a buyer, have any reason to want to receive large sums of money phisically rather than digitally if it's not for tax evasion? Having lots of money on you is dangerous and a hassle.

There's literally no good reason for this "freedom" that isn't tax evasion, money laundering or paranoid "being controlled".

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

#754

Post by jacquesm »

ars wrote: post #544
jacquesm wrote: post #478

Earlier quoted context omitted.

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

Aren't those reversible? I would never agree to such a transaction with the reversible method of payment.

No, they are not reversible.

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

#755

Post by ls15 »

Teandw wrote: post #386
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'." 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.

> This likely affects a number of people that is so small, that it's irrelevant.

That's not how we deal with minorities

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

#756

Post by zahllos »

Teandw wrote: post #257
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…

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

I know someone in Switzerland who bought a car in cash, 12x 1k chf notes.

If you're paying for a big-ish shop, e.g. over 100chf, the major supermarkets won't blink if you proffer a 1k note because that's how the older generation get their pension. I've personally paid for about 20chf worth of stuff with a 200 note.

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

#757

Post by yrgulation »

SergeAx wrote: post #742
amaccuish wrote: post #736

Earlier quoted context omitted.

But if they have emigrated, they are by definition resident?

There is significant (up to 9 months, from friends' experience) gap between fleeing to the country and getting legal residency (work permit, visa D, blue card). But even that doesn't make opening bank account much easier, there are banks that doesn't open accounts for holders of Russian passports (or even Russian names, believe me or not). Also, like I said, lots of EU banks froze or restricted accounts of Russian ci…

> Bottom line: it's surprisingly easy to become unbanked in EU.

If you move money from a country that threatens europe with nukes. But i see your point. The issue is how can banks separate genuine refugees from people taking advantage of the situation and trying to move illegally acquired money?

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

#758

Post by ls15 »

pclmulqdq wrote: post #558
1337biz wrote: post #524

Earlier quoted context omitted.

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…

The European crowd on HN in general is very much in favor of big government. I assume GDPR is very popular here despite making software development a huge pain, for example. Americans on HN (and ironically a lot of Germans on here) seem to be much more libertarian in their sensibility.

GDPR - great

Digital Services Act - great

Chat control and all the other pushes for increased surveillance - terrible, don't these guys know history?

There is no need to applaud/reject them all.

> I assume GDPR is very popular here despite making software development a huge pain

If it creates a huge pain, then the data probably wasn't handled in a respectful way in the first place.

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

#759

Post by thdespou »

SergeAx wrote: post #652
pclmulqdq wrote: post #555

Earlier quoted context omitted.

$10,000 in US $20 bills weighs about 1 pound. In $100 bills, it fits nicely in your pocket or in a small purse. I assume 100 euro notes are about the same.

They also have 500 EUR bills there in Europe. 10000 EUR will fit in a postcard envelope.

500 euro bills were scrapped some time ago.

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

#760

Post by martin8412 »

xyzzyz wrote: post #580
tastysandwich wrote: post #506

A similar thing was attempted in Australia [1]. I just ask people to consider that even though we all have bank accounts and we take that for granted, there _are_ actually people who don't, and they're not operating a criminal enterprise. My grandparents came as refugees. My grandfather has never had a bank account. He bought a car with $50 bills once. It was so funny, they were all stuck together and the clerk had t…

> In his home country, you couldn't trust the banks, so people hid their money. Of course that kind of thinking is silly in Australia, but good luck explaining that to someone with war-trauma. Not too long ago we saw the Canadian government freeze bank accounts of people for protesting the Covid measures. Don’t think that it cannot happen in your country.

It sure was fun hearing people in Canada complaining about their first amendment rights being violated.

I didn't even know anybody was trying to remove the right for Manitoba to be a province of Canada.

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