GERMANY CONSIDERS $5,450 LIMIT ON CASH TRANSACTIONS

craked5

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Quote from: coinzat on February 05, 2016, 07:56:26 PM

These kind of limitations will lead people to stop putting their money in banks and more people will start thinking about using bitcoin or other alternative to bypass these limitations.

Well yeah. But decentralization doesn't have only advantages. That means you limit a lot the power of your government.

Well considering how shitty most governments are you can consider it as a side benefit Grin

But still, it means a global adoption of bitcoin would lead every government to the ruins.

OROBTC

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Quote from: Denker on February 04, 2016, 08:02:44 AM

Quote from: Singlebyte on February 03, 2016, 06:07:53 PM

Isn't it crazy how all the different governments are telling people how & when then can spend THEIR OWN money? Can wait for bitcoin to be mainstream and trump all the government imposed laws!

http://hosted.ap.org/dynamic/stories/E/EU_GERMANY_CASH_LIMIT?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2016-02-03-06-58-46

This is just the beginning.
After a while the government will reduce it to 3000€, then 1500€ and at the end cash will be banned.
The only reason they are doing this is to control the population and to prepare the next bailout/bailin for the banks so that people can not withdraw what is theirs when shit is hitting the fan.

IMO Denker has this new German policy read correctly. These kinds of *new* regulations always start out unthreatening... Just like the very low US Income Tax did in 1913 (something like a maximum high rate of 4%).

Then, once the camel's nose is in the tent (or teh frog in water heating up), they tighten and tighten. Then it becomes a really bad problem.

Pab

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It will face very strong oposition from German sociaty,Germany is disicipline,order is order,befehl is befehl so it can pass

EU want to put new legislation,a small EU FACTA limit cash tracation,prepaid cards,and regulate BTC exchanges. Whan finally that highly paid assholes will go away,dream aboout

MedaR

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If they think they can prevent money laundering this way, ok!
What is sign of adopting. This is not bad at all. Average person don't have needs over 1000 euros per day...This is better for bitcoin than you can imagine!

iv4n

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Quote from: DrLove2048 on February 05, 2016, 05:48:13 PM

How do they even track this stuff. If I gave my friend 10k for his car they would never know

It is like that, but what if u wish to have that money on your credit card in the bank? I think purpose of this is to follow people even more, to know what we are doing with our money. And to pay tax on every transaction we make.
Bitcoin offer so much more then fiat but people dont realize that for now. Cause of this kind of actions people will see how bitcoin can be good for them.

coinzat

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Young but I'm not that bold

These kind of limitations will lead people to stop putting their money in banks and more people will start thinking about using bitcoin or other alternative to bypass these limitations.

foggyb

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Quote from: Raimonn on February 03, 2016, 07:18:18 PM

Germany limit of 5.000 € isn't too low, other european countries had lower limits on cash transactions, for example Portugal and Italy 1.000 €, Spain 2.500 € and France 3.000 €. The limit only is for cash transaction, you can make higher payments with credit or debit cards or by bank transference.

It is too low. Pretending that cash is some kind of alien entity, and settings to criminalize people who spending their money is immoral and tyrannical.

Laosai

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Quote from: Singlebyte on February 03, 2016, 06:07:53 PM

Isn't it crazy how all the different governments are telling people how & when then can spend THEIR OWN money? Can wait for bitcoin to be mainstream and trump all the government imposed laws!

http://hosted.ap.org/dynamic/stories/E/EU_GERMANY_CASH_LIMIT?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2016-02-03-06-58-46

Yeah Trump so cool and all Roll Eyes

The only point of limiting cash transaction is to help fighting tax evasion you idiot! Of course government tries to tell you how to spend your money! Cause otherwise you'd spend it on taxes on purpose?

And if you just want the end of taxes... Well you belong to this category of people believeing that you shouldn't get help from government in any way at all and it should all be only based on your work and all...
Which means you completely deny reality but that's something else.

DrLove2048

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How do they even track this stuff. If I gave my friend 10k for his car they would never know

Z00

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It will not come to this point. The German government is highly depend on high cash payments.
Even the German central bank (Bundesbank) has stated that it is not a good idea.

spazzdla

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Quote from: The Sceptical Chymist on February 05, 2016, 04:25:34 PM

It's the end of the world, and this is why bitcoin and the altcoins are going to be useful. You'll see. It's not just Germany.

The only thing that matters is weapons and man power. This is currently true and will always be true.

The Sceptical Chymist

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It's the end of the world, and this is why bitcoin and the altcoins are going to be useful. You'll see. It's not just Germany.

spazzdla

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Quote from: calkob on February 05, 2016, 04:10:30 PM

Hitler would be so proud........ Undecided

I laughed and then I cried.

calkob

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Hitler would be so proud........ Undecided

madonnino

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Quote from: kotwica666 on February 05, 2016, 11:54:14 AM

Quote from: Singlebyte on February 03, 2016, 06:07:53 PM

Isn't it crazy how all the different governments are telling people how & when then can spend THEIR OWN money? Can wait for bitcoin to be mainstream and trump all the government imposed laws!

http://hosted.ap.org/dynamic/stories/E/EU_GERMANY_CASH_LIMIT?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2016-02-03-06-58-46

Same sh*t happens in Poland! Now everyone must report transactions above 5,000 euros. I heard that government think to reduce this amount!!! It really is insane!

something incredible in italy the limit is 1000€, f**k governments

kotwica666

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Quote from: Singlebyte on February 03, 2016, 06:07:53 PM

Isn't it crazy how all the different governments are telling people how & when then can spend THEIR OWN money? Can wait for bitcoin to be mainstream and trump all the government imposed laws!

http://hosted.ap.org/dynamic/stories/E/EU_GERMANY_CASH_LIMIT?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2016-02-03-06-58-46

Same sh*t happens in Poland! Now everyone must report transactions above 5,000 euros. I heard that government think to reduce this amount!!! It really is insane!

lrdeoliveira

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Quote from: Raimonn on February 05, 2016, 11:09:31 AM

Quote from: lrdeoliveira on February 05, 2016, 11:02:11 AM

Quote from: Raimonn on February 05, 2016, 10:57:31 AM

Quote from: severaldetails on February 04, 2016, 05:23:33 AM

I wonder how they want to control that.
I mean, if I buy a used car for 10000$ and pay cash, would the seller say "No, that's against the law, I will go to the police"??

I think that limit is only about shops, if you buy it from another user and not from a car dealer you will not have this limit (and its anything that they can't control).

So in a deal private to private i can use as much as cash i want? Don't the vendor for example need a traceable payment to demonstrate the origin of the money recevied in cash? I'm talking about big deal

I don't know, but on big investment like buying a house, an appartment... , there are some legal documents that you need to register, and goverment could ask about the origin of the money.

I think that on big investment you can't buy it whit cash in the EU, you have to prove the origin of your funds and have a traceable payment for the deal. whitout this is too risky

spazzdla

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Sooner or later we will witness the explosion of PM's and cryptos.. probably ones more like Dash however.. The ability to track BTC transactions makes it a tool for the slavers and the enemy of the free :S..

Raimonn

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Quote from: lrdeoliveira on February 05, 2016, 11:02:11 AM

Quote from: Raimonn on February 05, 2016, 10:57:31 AM

Quote from: severaldetails on February 04, 2016, 05:23:33 AM

I wonder how they want to control that.
I mean, if I buy a used car for 10000$ and pay cash, would the seller say "No, that's against the law, I will go to the police"??

I think that limit is only about shops, if you buy it from another user and not from a car dealer you will not have this limit (and its anything that they can't control).

So in a deal private to private i can use as much as cash i want? Don't the vendor for example need a traceable payment to demonstrate the origin of the money recevied in cash? I'm talking about big deal

I don't know, but on big investment like buying a house, an appartment... , there are some legal documents that you need to register, and goverment could ask about the origin of the money.

lrdeoliveira

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Quote from: Raimonn on February 05, 2016, 10:57:31 AM

Quote from: severaldetails on February 04, 2016, 05:23:33 AM

I wonder how they want to control that.
I mean, if I buy a used car for 10000$ and pay cash, would the seller say "No, that's against the law, I will go to the police"??

I think that limit is only about shops, if you buy it from another user and not from a car dealer you will not have this limit (and its anything that they can't control).

So in a deal private to private i can use as much as cash i want? Don't the vendor for example need a traceable payment to demonstrate the origin of the money recevied in cash? I'm talking about big deal

Raimonn

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Quote from: severaldetails on February 04, 2016, 05:23:33 AM

I wonder how they want to control that.
I mean, if I buy a used car for 10000$ and pay cash, would the seller say "No, that's against the law, I will go to the police"??

I think that limit is only about shops, if you buy it from another user and not from a car dealer you will not have this limit (and its anything that they can't control).

randy8777

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to be honest, a limit of $5450 is not that bad considering other countries have much lower limits. it will make bitcoin gain even more popularity as people get tired of all the shitty policies that governments are forcing on them. it's time for people to take action and choose for freedom!

Denker

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Quote from: severaldetails on February 04, 2016, 05:23:33 AM

I wonder how they want to control that.
I mean, if I buy a used car for 10000$ and pay cash, would the seller say "No, that's against the law, I will go to the police"??

No problem.
We will just split this deal in two buy transactions.
5:30 pm first transaction, you hand me over the car.
5:31 pm second transaction, you hand me over the keys.
Done! Cheesy

Denker

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Quote from: Singlebyte on February 03, 2016, 06:07:53 PM

Isn't it crazy how all the different governments are telling people how & when then can spend THEIR OWN money? Can wait for bitcoin to be mainstream and trump all the government imposed laws!

http://hosted.ap.org/dynamic/stories/E/EU_GERMANY_CASH_LIMIT?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2016-02-03-06-58-46

This is just the beginning.
After a while the government will reduce it to 3000€, then 1500€ and at the end cash will be banned.
The only reason they are doing this is to control the population and to prepare the next bailout/bailin for the banks so that people can not withdraw what is theirs when shit is hitting the fan.

romero121

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I think this is the time Germany imposing such rules. Previously it doesn't had such restrictions. These might be to make stable financial
situation without much loss. In someway this rule might regulate higher euros to get circulated within the country.

SFR10

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Problem here is that even with those limit, criminals will still be able to do their transactions, but only with an added step so no difference at all and as result these kind of limits have some sort of irreversible effect on normal citizens since they put a limit that only complicates normal people even though 5k limit is still high for a limit. This is just another excuse in order for them to show that their taking steps into solving terrorism fundings but it won't.

1Referee

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This is just another hopeless attempt to "prevent" something that can never be prevented. It shows how desperate the governments are. People will simply don't care about this policy if it does get implemented.

severaldetails

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I wonder how they want to control that.
I mean, if I buy a used car for 10000$ and pay cash, would the seller say "No, that's against the law, I will go to the police"??

Amph

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Quote from: Raimonn on February 03, 2016, 07:18:18 PM

Germany limit of 5.000 € isn't too low, other european countries had lower limits on cash transactions, for example Portugal and Italy 1.000 €, Spain 2.500 € and France 3.000 €. The limit only is for cash transaction, you can make higher payments with credit or debit cards or by bank transference.

in italy they are going to rise it to 3k like in france, still not a final decision on this yet, actually per day here, there is a limit of 500 with some bank, so even worse

5k is very generous, but anyway this is another reason to prefer bitcoin

madonnino

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5450€ as a limit for cash transaction isn't to bad in my opinion, there are lots of state in the Eu that have limit from 1000€

gentlemand

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When it goes in and out of bank accounts I assume. Cash is useful for certain things but there comes a time when you need to feed into your account for bills etc. Nothing stopping you from staying in cash if you have plenty in there. Even without such laws in place there have been cases where banks flatly refused to hand out large amounts of cash.

~Bitcoin~

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But it will be really hard for them to implement this law and they are talking about cash so how they gonna track those paper money? Huh

People should have right to spend their own money in their own style thats why we need freedom in money. Bitcoin could be big thing to this all non-sense money restrictrons.

BitHodler

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Quote from: gentlemand on February 03, 2016, 08:58:19 PM

Aw man. If I want that kilo of heroin I guess I'll just have to limit myself to a $5,450 transaction every second instead. That could take several minutes out of my day.

Stop saying that! Before you know the governments can put a sanction to work to forbid the purchase of products as heroin within Europe.

gentlemand

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Aw man. If I want that kilo of heroin I guess I'll just have to limit myself to a $5,450 transaction every second instead. That could take several minutes out of my day.

BellaBitBit

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Quote from: richardsNY on February 03, 2016, 07:38:32 PM

I have seen such an article also at the nytimes website. It only doesn't tell whether it is a daily limit of €5000 in Germany or €5000 per transaction. Either way, this will not help to stop money laundering and financing of terrorism. I just hope the rest of Europe doesn't agree to this. If this is just within Germany then it won't have much impact on Bitcoin.

exactly, nothing they really try to implement in the name of safety actually curbs the behavior they are targeting. It usually only makes things harder for law abiding customers.

richardsNY

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I have seen such an article also at the nytimes website. It only doesn't tell whether it is a daily limit of €5000 in Germany or €5000 per transaction. Either way, this will not help to stop money laundering and financing of terrorism. I just hope the rest of Europe doesn't agree to this. If this is just within Germany then it won't have much impact on Bitcoin.

countryfree

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I'm surprised with this since Germany has such a huge culture of cash. Go to any supermarket, there are more people paying cash than with cards, and several used car dealers only accept cash. It would be sad, with Switzerland, Germany is the last bastion of cash in Europe. I hope this project doesn't pass.

Raimonn

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Germany limit of 5.000 € isn't too low, other european countries had lower limits on cash transactions, for example Portugal and Italy 1.000 €, Spain 2.500 € and France 3.000 €. The limit only is for cash transaction, you can make higher payments with credit or debit cards or by bank transference.

Singlebyte

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Isn't it crazy how all the different governments are telling people how & when then can spend THEIR OWN money? Can wait for bitcoin to be mainstream and trump all the government imposed laws!

http://hosted.ap.org/dynamic/stories/E/EU_GERMANY_CASH_LIMIT?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2016-02-03-06-58-46

Topic: GERMANY CONSIDERS $5,450 LIMIT ON CASH TRANSACTIONS (Read 1482 times)