Payments of more than 10000 EUR banned in the EU!
The war on cash
There is a war on cash going on in the European Union. Lots of big enterprises like Burger King, IKEA or others are not excepting cash payments in their store anymore. Even though legally they should offer options for cash.
Now, there was was an official statement by one of the Parliament members, in which he suggests that payments higher than 10k EURO should become illegal. Every payment above should be done through wire transfer or via card.
This official declaration of war against cash is one of the many steps in to the official launch of Central Bank Digital Currencies or CBDC’s. In which every payment is traceable to the users and the receiver. Privacy into payments will be completely abolished.
A disturbing evolution in the payment industry, which can only promote crypto currencies for the people that respect their own privacy!
The war is gaining some momentum. Next they'll put it at 5K limit then to 1K limit. This is indeed an opportunity for cryptocurrency to be adopted by the general population. That goodness that we have an option. Can't imagine the nightmare if we hadn't.
I also think that one day paper currency will be gone. As everything is going digital, all kinds of payments will also be through digital currency. One is that it is very cool to run fake notes here in Pakistan, if that happens then this tension will end.
I guess it's time we should have our own money ;)