http://www.allcryptocurrencies.news/all-crypto-currencies/portugal-joins-spain-france-in-cash-crackdown-bitcoin-will-benefit/Portugal is the latest country to close the net on cash.
Portugal has banned cash payments over -euro;3000 as part of a crackdown on anonymous payments.
A new package of rules which came into force Aug. 23 makes payments over the limit punishable by a fine of up to -euro;9000.
Spain, meanwhile, cut the maximum permitted cash transaction from a -euro;2500 limit set in 2012 to just -euro;1000, itself moving in line with France.
Any Portuguese, Spanish or French people on here to shed light as to how people are reacting to this? Are they moving to Bitcoin, or are they indifferent?
What does this mean exactly? that you can't pay in paper cash higher than 1000 in France and Spain?So if you want to buy something in a shop that costs more than 1000 with cash, you can't and you must use a credit card? Well that sucks.
Anyway, paper money is going away in 10 to 20 years, so get crypto, as much as you can, specially Bitcoin, and hold it, then watch yourself get rich as the people that didn't do their homework get fucked. This is our chance to get rich and we will get rich.
Yup.
It's interesting that ordinary people don't seem to be reacting to this at all
Also - I found this interesting article from 2016:
https://www.ft.com/content/e979d096-5fe3-11e6-b38c-7b39cbb1138aThe idea of keeping piles of cash in high security vaults may sound like something from an old movie plot, but some banks and insurers have recently started considering the idea as interest rates sink below zero across much of Europe.
Europe’s highways are not yet jammed with heavily guarded trucks transporting money to top-secret locations, but if it becomes financially sensible for banks to hoard cash as rates are cut even further, the practice could undermine central banks’ ability to use negative rates to boost growth.
After the European Central Bank’s most recent rate cut in March, private-sector banks are paying what amounts to an annual levy of 0.4 per cent on most of the funds they keep at the eurozone’s 19 national central banks. This policy, which has cost banks around €2.64bn since ECB rates became negative in 2014, is intended to spark economic growth by giving banks the incentive to lend money out to businesses instead of holding on to it.
Private bankers and insurers are already thinking of creative ways to avoid those charges altogether.
One way is by turning the electronic money they keep at central banks into cold, hard cash. Munich Re has experimented successfully with storing a double-digit million sum of euros in cash at what the insurer describes as a manageable cost. A few other German banks, including Commerzbank, the country’s second-biggest lender, have also considered taking the step. But when a Swiss pension fund attempted to withdraw a large sum of money from its bank in order to store it in a vault, the bank refused to provide the cash, according to local media reports.
If this practice becomes widespread, it would have big economic implications. If banks are not paying central bank interest charges, then they will not be as affected by further official interest rate cuts. They therefore would not be spurred to lend out more money.
So it's possible that this is all aimed at the BANKS. Phase out cash, and they can't avoid negative interest rates by keeping their cash in a vault.
