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As others have mentioned the EU is mulling an EU wide “ban” of transactions above €10,000. However most member states already have that in place including far

As others have mentioned the EU is mulling an EU wide “ban” of transactions above €10,000. However most member states already have that in place including far lower limits. In Greece all cash transactions above €500 have to go through an AML due diligence process which includes a full KYC for both the buyer, seller and any beneficiaries of the transaction. Basically it’s too much of a hassle to do so businesses simply do not accept cash, so anything from paying for a Hotel stay to buying a Laptop isn’t possible without a mountain of paper work which means it’s impossible in reality.

chrisco255 5y ago
As an American, that's insane sounding to me. Without financial sovereignty the American revolution would have never happened. And we'd still be ruled by monarchs.
- Mirioron 5y ago
  Maybe that's the point? It's hard to be authoritarian if people can rebel. Some EU politicians (Verhofstadt) have been talking about the "European Empire".
- betwixthewires 5y ago
  It is insane to me to be in discussions like this and see Europeans trust their government more than they trust their mothers. Literally every time in history they've gotten complacent with their governments their governments tried to kill them all, and still they never learn.
  - ulzeraj 5y ago
    You think this is insane? Wait til you find out about who is part of the oh so trusted government. The ECB president is a convicted criminal charged of financial crimes: https://www.complianceweek.com/imfs-christine-lagarde-convicted-of-financial-negligence/10034.article https://www.complianceweek.com/imfs-christine-lagarde-convic...
  - chrisco255 5y ago
    They seem to really miss feudalism.
MiddleEndian 5y ago
>In Greece all cash transactions above €500 have to go through an AML due diligence process which includes a full KYC for both the buyer, seller and any beneficiaries of the transaction. And this applies to trivial things as well, such selling a used bike or laptop to someone?
- dogma1138 5y ago
  Yes all products and services. Whether people actually follow it I don’t know, but if they don’t they are at risk of a felony. Businesses do follow it.

chrisco255 5y ago

As an American, that's insane sounding to me. Without financial sovereignty the American revolution would have never happened. And we'd still be ruled by monarchs.

Mirioron 5y ago
Maybe that's the point? It's hard to be authoritarian if people can rebel. Some EU politicians (Verhofstadt) have been talking about the "European Empire".
betwixthewires 5y ago
It is insane to me to be in discussions like this and see Europeans trust their government more than they trust their mothers. Literally every time in history they've gotten complacent with their governments their governments tried to kill them all, and still they never learn.
- ulzeraj 5y ago
  You think this is insane? Wait til you find out about who is part of the oh so trusted government. The ECB president is a convicted criminal charged of financial crimes: https://www.complianceweek.com/imfs-christine-lagarde-convicted-of-financial-negligence/10034.article https://www.complianceweek.com/imfs-christine-lagarde-convic...
- chrisco255 5y ago
  They seem to really miss feudalism.

MiddleEndian 5y ago

>In Greece all cash transactions above €500 have to go through an AML due diligence process which includes a full KYC for both the buyer, seller and any beneficiaries of the transaction. And this applies to trivial things as well, such selling a used bike or laptop to someone?

dogma1138 5y ago
Yes all products and services. Whether people actually follow it I don’t know, but if they don’t they are at risk of a felony. Businesses do follow it.