this post was submitted on 21 Mar 2024
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Privacy
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This doesn't seem that much worse than American rules that have already been in place for a long, long time.
As it is, large payments or withdrawals must be reported to federal agencies, anything over $10k. This applies to cash transactions as well and the forms the IRS requires you to fill in a $10k+ cash transaction can be found here.
The biggest difference would be the impact on cash transactions and crypto transactions in the EU.
I'm pro-privacy, but a lot more crypto facilitates crime than not, so I don't really know why people would be shocked that governments would attack crypto specifically here (literally almost all ransomware uses crypto). Looks like way more of a crackdown on crypto than cash, but maybe that's just me. (On top of the fact that a lot of crypto isn't privacy-oriented. Looking at you, Bitcoin)
Related: https://www.nbcnews.com/news/venmo-paypal-zelle-must-report-600-transactions-irs-rcna11260
Two years ago USA put in rules for commercial digital transfers over $600 to be reported. Just pointing out that the EU's rules don't seem particularly draconian when weighed against already existing rules elsewhere.
Here in Germany Cash payments for houses are a great way of laundering money for the mafia. Similar roles have als been proposed a while ago
Italian here. Our right wing government who blinks an eye to all small entrepreneur in Italy (there are A TON here) recently increased the max cash payment from 2k to 5k. This is definitely a way to say "please be free to recycle a bit more oney" and to gain votes in exchange.
It's incredible how Germany, Austria, or Switzerland to name a few have this crazy high cash payment.
In fact our "ndrangheta" for example (Mafia from Calabria) expanded a lot in Germany due to this.
Italian here too. It's sad how the EU has to make us do the smart things as we are incapable of them