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EU to ‘crack down’ on large cash payments – Over €10k for now; but it’s currently €500 in Greece.

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This, in preparation for CBDC (Central Bank Digital Currency) and complete control of your every transaction.

The – Ireland’s Solutions Resource.

Article from the Irish Independent; Read the full article here

Cars, funerals and home improvements: EU to crack down on large cash payments

  • Cash payments will be banned under EU rules expected to come into force within three years
  • Move could affect a large section of society who choose to operate solely on a cash basis
Mairead McGuinness. Photo: Alexandros Michailidis/Bloomberg
Irish EU Commissioner Mairead McGuinnes – Photo: Alexandros Michailidis/Bloomberg

Cash payments over €10,000 for transactions such as car purchases, home improvements or funeral bills will be banned under EU rules expected to come into force within three years.

The EU legislation is being considered in an attempt to clamp down on cross-border money laundering on a wider European basis.

The move could affect a large section of society who choose to operate solely on a cash basis.

Irish EU Commissioner Mairead McGuinness, who is responsible for toughening anti-money laundering laws, says a much broader view of the problem must be taken, moving beyond large-scale businesses, banks and financial institutions.

Read the full article Irish Independent

Commissioner Mairead McGuinness Responsible for Financial services, financial stability and Capital Markets Union

Here are just 2 of her Responsibilities:
  • Preserving and improving financial stability, protecting savers and investors and ensuring the flow of capital to where it is needed.
  • Leading the work on completing the Banking Union, notably by finalising the common backstop to the Single Resolution Fund and agreeing on a European Deposit Insurance Scheme.

Let’s breakdown the EU’s & ECB’s history and plans on these issues;

  • Preserving and improving financial stability:

A short quote from International Banking Professor Richard Werner answers that claim, “Central Banks have overseen 100 Banking Crisis in the last 40 years (Most of which they could have prevented)” Professor Richard Werner The ECB is the Central Bank of the EU since June 1998.

  • Protecting savers and investors:

Cyprus Bail-in (the bank takes money from you account to rescue themselves & possibly gives you shares in a broke bank in return) in 2013, comes to mind, as does the forced bail-out of the Bank Bondholders in Ireland.

  • Ensuring the flow of capital to where it is needed:

Strange, this always seems to be, to the banks; with the tax-payers left with the bill.

  • Leading the work on completing the Banking Union:

This is a ‘publically funded’ banking union with a bail-out fund (‘‘European-wide deposit insurance scheme“) to bail them out next time they come for ransom, and only condones their behaviour. Further centralised control of all banking in the EU is the core issue here. i.e. shareholder profit focus, zero social conscience, speculative credit creation with lip service to the productive economy, continual gambling & unethical practices of the Commercial Banking Industry & the Central Banks & ECB’s complicity in it.

Christine Lagarde ECB, Central Banks Will Have CBDC’s Within 4 Years, maybe a little longer (March 2021)

Christine Lagarde ECB President, March 2021

BIS Head Agustín Carstens clarifies difference between cash & Central Bank Digital Cash,

“A key difference with CBDC is the Central Bank will have absolute control on the rules & regulations that will determine the use of that expression of Central Bank liability & also we will have the technology to enforce that”

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