5 ms·

its always to fight corruption and trafficing right?

by retinaros 4y ago

sgjohnson 4y ago
or to protect the children
andai 4y ago
It's to phase out cash. Can't be a good citizen unless every transaction is logged and monitored!
- collegeburner 4y ago
  and in 5 years, you'll be using the great new CBDC! so the ECB can automatically remove your money to comply with negative interest rates!
  - buran77 4y ago
    By the time Madame Lagarde is done a lot of people will be praying to still have something in the bank to pay negative interest for. With the current inflation €10.000 will be worth far less in the near future, and I'm certain the amount won't be updated yearly to account for that. This 10k "magic number" has stayed the same for a long time. This isn't about money laundering as much as about control over even relatively low value cash transactions.
    - defaulter4once 4y ago
      Lagarde is a criminal with connections... https://www.bbc.com/news/world-europe-38369822 https://www.bbc.com/news/world-europe-38369822 "A French court has found International Monetary Fund chief Christine Lagarde guilty of negligence but did not hand down any punishment."
  - mdp2021 4y ago
    At least with CBDC there seems to be a way planned for anonimity: > There are two types of retail CBDCs. They differ in how individual users access and use their currency: // Token-based retail CBDCs are accessible with private/public keys. This method of validation allows users to execute transactions anonymously // Account-based retail CBDCs require digital identification to access an account // The two types of CBDCs, wholesale and retail, are not mutually exclusive[ - i]t is possible to develop both and have them function in the same economy Pretty important, because currently having anonymous electronic transaction is heavily difficult. https://www.investopedia.com/terms/c/central-bank-digital-currency-cbdc.asp https://www.investopedia.com/terms/c/central-bank-digital-cu...
- mdp2021 4y ago
  It's a promotion of barter. (I understand in this tree the '/S' is taken for granted.)
  - andai 4y ago
    It's a guerilla marketing campaign for Monero ;)
falcor84 4y ago
Well at least it's not "think of the children" this time
deleted 4y ago
[deleted]
newaccount74 4y ago
I'm pretty sure a big goal is to fight tax evasion. I can't speak for all of EU, but here in Austria tax evasion is very common. For example, it's still extremely common to pay contractors under the table. They will ask you if you need an invoice, and the price will be a lot lower if you don't. Another example are restaurants. For a few years it has been required that restaurants always provide you with a receipt, but especially asian restaurants still don't do so. All that untaxed revenue costs the state billions in missing taxes. If you limit cash payments, then you make it at least slightly harder for someone to eg. buy a car with that untaxed money. I really don't see any reason why you would need 10k€ cash payments if not for tax evasion.
- siftrics 4y ago
  What if the government is tyrannical or arbitrarily seizes your funds?
  - yrgulation 4y ago
    Not sure why you are getting downvoted. The government of cyprus did seize bank deposits during the 2013 crisis. In some european countries i spoke to people who worried the same will have happened during the onset of covid and then the war started by russia.
- orthoxerox 4y ago
  > I really don't see any reason why you would need 10k€ cash payments if not for tax evasion. To avoid banking fees?
  - TillE 4y ago
    There are no fees for bank transfers in Europe.
    - yrgulation 4y ago
      There are. Not international fees as such but there are bank to bank fees.

its always to fight corruption and trafficing right?

sgjohnson 4y ago

or to protect the children

andai 4y ago

It's to phase out cash. Can't be a good citizen unless every transaction is logged and monitored!

collegeburner 4y ago
and in 5 years, you'll be using the great new CBDC! so the ECB can automatically remove your money to comply with negative interest rates!
- buran77 4y ago
  By the time Madame Lagarde is done a lot of people will be praying to still have something in the bank to pay negative interest for. With the current inflation €10.000 will be worth far less in the near future, and I'm certain the amount won't be updated yearly to account for that. This 10k "magic number" has stayed the same for a long time. This isn't about money laundering as much as about control over even relatively low value cash transactions.
  - defaulter4once 4y ago
    Lagarde is a criminal with connections... https://www.bbc.com/news/world-europe-38369822 https://www.bbc.com/news/world-europe-38369822 "A French court has found International Monetary Fund chief Christine Lagarde guilty of negligence but did not hand down any punishment."
- mdp2021 4y ago
  At least with CBDC there seems to be a way planned for anonimity: > There are two types of retail CBDCs. They differ in how individual users access and use their currency: // Token-based retail CBDCs are accessible with private/public keys. This method of validation allows users to execute transactions anonymously // Account-based retail CBDCs require digital identification to access an account // The two types of CBDCs, wholesale and retail, are not mutually exclusive[ - i]t is possible to develop both and have them function in the same economy Pretty important, because currently having anonymous electronic transaction is heavily difficult. https://www.investopedia.com/terms/c/central-bank-digital-currency-cbdc.asp https://www.investopedia.com/terms/c/central-bank-digital-cu...
mdp2021 4y ago
It's a promotion of barter. (I understand in this tree the '/S' is taken for granted.)
- andai 4y ago
  It's a guerilla marketing campaign for Monero ;)

falcor84 4y ago

Well at least it's not "think of the children" this time

deleted 4y ago

[deleted]

newaccount74 4y ago

I'm pretty sure a big goal is to fight tax evasion. I can't speak for all of EU, but here in Austria tax evasion is very common. For example, it's still extremely common to pay contractors under the table. They will ask you if you need an invoice, and the price will be a lot lower if you don't. Another example are restaurants. For a few years it has been required that restaurants always provide you with a receipt, but especially asian restaurants still don't do so. All that untaxed revenue costs the state billions in missing taxes. If you limit cash payments, then you make it at least slightly harder for someone to eg. buy a car with that untaxed money. I really don't see any reason why you would need 10k€ cash payments if not for tax evasion.

siftrics 4y ago
What if the government is tyrannical or arbitrarily seizes your funds?
- yrgulation 4y ago
  Not sure why you are getting downvoted. The government of cyprus did seize bank deposits during the 2013 crisis. In some european countries i spoke to people who worried the same will have happened during the onset of covid and then the war started by russia.
orthoxerox 4y ago
> I really don't see any reason why you would need 10k€ cash payments if not for tax evasion. To avoid banking fees?
- TillE 4y ago
  There are no fees for bank transfers in Europe.
  - yrgulation 4y ago
    There are. Not international fees as such but there are bank to bank fees.