GERMANY CONSIDERS $5,450 LIMIT ON CASH TRANSACTIONS

[Singlebyte]

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

[1715114808]

1715114808

[1715114808]

1715114808

[Raimonn]

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.

[countryfree]

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.

[richardsNY]

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.

[BellaBitBit]

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.

[gentlemand]

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.

[BitHodler]

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.

[~Bitcoin~]

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?
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.

[gentlemand]

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.

[madonnino]

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€

[Amph]

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

[severaldetails]

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"??

[1Referee]

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.

[SFR10]

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.

[romero121]

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.

[Denker]

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.

[Denker]

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!

[randy8777]

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!

[Raimonn]

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).

[lrdeoliveira]

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