This has been the law in the US for a long time already. Not exactly illegal, but any cash transaction $10k+ legally requires federal documentation. This gets at what people misunderstand about crime and money laundering. Money laundering=paying taxes. Once you are making real money "under the table", you have to find ways to pay taxes, if you want to be able to buy cars/houses/etc
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I've never paid for anything that expensive in cash. To those opposing the idea: Have you? Did it need to be cash?
Another step towards the digital EU, where the banks can track all of your movements and the government can deny any purchases they donβt like.
Get fucked.
This is basically the Scandinavian model. Have never had a transfer blocked in the last decade. Good thing we don't have US government here in Europe, so we don't need to adopt the US scepticism of government.
Are you serious? Lime 50% of EU states are about to elect facist governments. Italy already has.
This sort of thing would make crypto like Monero become a necessity. I think the way things are going, especially in the US, we will see crypto become a semi-legitimate currency, simply because governments can't be trusted to let the poors handle their business in a way that makes sense.
For example, MasterVisa barring transactions involving adult materials, LGBTQ+, and so forth. No choice but to use fiscal instruments that aren't controlled by the powers above.
How the hell am I supposed to get my drug deals done now?
As long as you buy less than 4k NOK each time, no worries. That is the limit where corruption is caught.
As if rich scum haven't been paying each other with "gifts" that were awfully money-shaped already. This fixes nothing.
In the US the cops just steal it. Then in order to get it back, you have to go to court and prove that your money didn't commit a crime. Yes, really.
https://en.wikipedia.org/wiki/Civil_forfeiture_in_the_United_States
Margarita machines dont pay for themselves.
Yea i love when most police raids for suspicion of drug dealing end up being something along the lines of "we broke into this person house and he had one half smoked joint and 10,000 dollars in bills" which of course means that the money is now proof of crime and belongs to the cops now
They don't need to say anything other than that they suspect it was used or going to be used illegally, but yeah they usually cite drugs. Like I said, there's no court process because they don't charge you with a crime, they charge the money. So fucked.
how is this supposed to be enforced?
They will not let businesses invoice large cash amounts.
It's a tack on charge, it's not supposed to be enforced
Welcome to Scandinavia, where I have seen cash in the last five years, but only from dealers.
Interestingly (or not), we also mostly (or is it totally?) got rid of 500 β¬ bills because they made moving around large amounts of cash too easy.
Good. In Italy we have a 5,000 limit and it indeed prevents some illegal payments.
The limit only make some illegal payments (like under the table payments) only a little more inconvenient, it does not prevent them.