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There already exists laws where you have to register with tax authorities to receive payments in cash over 10,000 euros. It would be quite easy for the governm

There already exists laws where you have to register with tax authorities to receive payments in cash over 10,000 euros. It would be quite easy for the government to look at this list and decide that there's no reason they can't be done by BACS and then introduce this law. There's a lot of replies that are quite shocked, but in the EU and the UK it is very unusual to use cash for high value payments. For example, you would not be able to buy property in the UK with cash. Even if you had the cash and put it into a bank account for the sole purpose to send to your solicitors, this would get flagged and you would not be able to proceed with the purchase. There's a lot of money laundering, and laws like this don't really affect the average person, they would disproportionately affect people trying to commit fraud though. The majority of people won't even have 10,000 euro in savings, let alone want to make purchases above this amount in cash.

pclmulqdq 4y ago
In the US, you have to fill out a form that gets sent to the FBI and IRS if you use over $10,000 cash in one transaction. It's still legal. I think this is a much better solution than banning cash transfers over $10,000.
- lilsoso 4y ago
  Form 8300 must be filed and is sent to various agencies for multiple cash payments over $10k as well, which includes, for example, paying for a car or paying for rent. These laws are old and stem from a time when $10k was equal to around $70k now (edit: someone else points out "Bank Secrecy Act of 1970 sets reporting at $10K which would be ~$80K today"). They've simply never been updated.
epolanski 4y ago
I rarely use cash and oppose it. Why keep money on you? Cash promotes tax evasion and money laundering, plain and simple.
- akimball 4y ago
  Both of which are, like helping fugitive slaves, virtuous acts.
- TheHappyOddish 4y ago
  As someone who once had their bank accounts closed on a Friday afternoon with no information from the bank, I will always have cash. If I hadn't had cash at the time from a recent car sale, I would have been unable to pay for rent, food, utilities, etc. "Why would you want a contingency plan?" seems an odd take on a forums primarily composed of IT professionals. "I oppose you having contingency plan" seems downright hostile.
veeti 4y ago
> in the EU and the UK it is very unusual to use cash for high value payments You have obviously never dealt with a German person.

pclmulqdq 4y ago

In the US, you have to fill out a form that gets sent to the FBI and IRS if you use over $10,000 cash in one transaction. It's still legal. I think this is a much better solution than banning cash transfers over $10,000.

lilsoso 4y ago
Form 8300 must be filed and is sent to various agencies for multiple cash payments over $10k as well, which includes, for example, paying for a car or paying for rent. These laws are old and stem from a time when $10k was equal to around $70k now (edit: someone else points out "Bank Secrecy Act of 1970 sets reporting at $10K which would be ~$80K today"). They've simply never been updated.

epolanski 4y ago

I rarely use cash and oppose it. Why keep money on you? Cash promotes tax evasion and money laundering, plain and simple.

akimball 4y ago
Both of which are, like helping fugitive slaves, virtuous acts.
TheHappyOddish 4y ago
As someone who once had their bank accounts closed on a Friday afternoon with no information from the bank, I will always have cash. If I hadn't had cash at the time from a recent car sale, I would have been unable to pay for rent, food, utilities, etc. "Why would you want a contingency plan?" seems an odd take on a forums primarily composed of IT professionals. "I oppose you having contingency plan" seems downright hostile.

veeti 4y ago

> in the EU and the UK it is very unusual to use cash for high value payments You have obviously never dealt with a German person.