European Parliament approved a ban on paying in cash over EUR 10 000. The fresh act requires purchases from this amount to be made utilizing a bank account. That's not all. Already paying more than €3,000 for a product or service, you will request to show your identity card.
The European Union has hit cash transactions again. The fresh ban was justified by limiting money laundering and terrorist financing. The cash payment limit was set at EUR 10 000 and in countries without euro the limit is equivalent to the indicated amount in local currency (approximately PLN 42 000). The associate States of the European Union have the right to individually modify this value, but only downwards. In practice, the fresh limit means that a number of goods, specified as a car, cannot be bought for cash.
After the EU ban has been implemented, we are besides facing restrictions with little than EUR 10 000 purchases. Cash transactions already above €3,000 will require identity checks. You'll gotta present your identity card. However, transaction checks are already in force. A confirmation of identity is required above EUR 10 000.
Poland already has a ban on paying in cash over PLN 15,000. The limitation applies to companies and erstwhile a company wants to pay more than that amount, it must choose a non-cash payment.
However, checks on cash payments in the scope of 3 000 – 10 000 euro will apply only in selected situations. These include transactions involving banks, real property agencies, casinos and luxury sellers.
These provisions will besides apply to cryptocurrency. Exchanges and portfolio operators will gotta check and verify the information they provide. In specified a situation, caution will be required for transactions of up to EUR 1000.
The fresh ban on paying cash above EUR 10 000 is expected to enter into force in 2027. However, the implementation of the restrictions on sports clubs has been postponed. In their case, the deadline for ending the transitional period was set at 2029.
OUR COMMENTS: Reducing the limit for cash payments is another step towards building totalitarianism, in which unruly citizens will be blocked by bank accounts, so that they will not be able to function usually until they are humbled by the regime. This was late tried during protests in Canada and large Britain.
We besides recommend: Lawyers are sick of Bodnar. They want to resign.
