https://www.patrick-breyer.de/en/eu-cash-cap-and-ban-on-anonymous-crypto-payments-results-in-financial-paternalism/ [?] Europawahl 2024: Europa braucht Piraten-Power! Skip to content HomePosts and policyEuropaparlamentEU cash cap and ban on anonymous crypto payments results in financial paternalism Sprache andern: English Deutsch Patrick Breyer * * * * * Welcome * Posts and Dossiers + Latest posts + Latest videos + Written questions + Chat Control + Data retention + ePrivacy Regulation + European Digital Identity (e-ID) + European Health Data Space + iBorderCtrl + Digital Services Act DSA (Archive) + Terrorist Content Online (Archive) * About me / contact + Biography + Responsibilities + Wins + MEPs and Staff + Contact / Privacy Notice * Transparency + Events + Public Calendar + Financial transparency + Delegation meetings + Lobby Meetings * Press relations + Press contact + Press releases + Press photos + Press briefings + Media reports * Get involved + Follow me + Jobs + OpenRequest + Take action back to archive Share: * * * * on 19. March 2024 0 EU cash cap and ban on anonymous crypto payments results in financial paternalism Europaparlament Freiheit, Demokratie und Transparenz Press releases Pressemitteilungen The majority of the EU Parliament's lead committees today approved far-reaching new anti-money laundering laws: Anonymous cash payments over EUR3,000 will be banned in commercial transactions. Cash payments over EUR10,000 will even be completely banned in business transactions. And anonymous payments in cryptocurrencies to wallets operated by providers (hosted wallets) will be prohibited even for minimum amounts without a threshold. MEP and digital freedom fighter Dr. Patrick Breyer (Pirate Party) explains his vote against as follows: "Generally prohibiting anonymous payments would at best have minimal effects on crime, but it would deprive innocent citizens of their financial freedom. The medicines or sex toys I buy is nobody's business. To collect donations, dissidents such as the late Alexei Navalny and his wife are increasingly reliant on anonymous donations in virtual currencies worldwide. Wikileaks has also already been cut off from donations by credit card companies. Where every financial transaction is captured and saved forever, this creates a honey pot for malicious hackers and law enforcement as well as a chilling government shadow over every purchase or donation. This EU war on cash will have nasty repercussions! For thousands of years, societies around the world have lived with privacy-protecting cash. With the creeping abolition of cash, there is a threat of negative interest rates and the risk of banks cutting off the money supply at any time. Dependence on banks is increasing at an alarming rate. This kind of financial disenfranchisement must be stopped. Instead, we need to think about ways we can bring the best attributes of cash into our digital future. We have a right to pay and donate online without our personal transactions being recorded. If the EU believes it can regulate virtual currencies at a regional level, it hasn't understood the global nature of the Internet." Background on the cash limit: There was a great public outcry when the Commission asked the public for their opinion on limiting cash payments in 2017. More than 90% of responding citizens spoke out against such a step. Respondents considered paying anonymously in cash an "essential personal freedom" and that "Restrictions on payments in cash are ineffective in achieving the potential objectives (fight against criminal activities, terrorism, tax evasion)". According to an ECB survey up to 10% of citizens use cash even for amounts greater than 10.000 EUR (e.g. buying cars). According to calculations by shadow economy expert Friedrich Schneider of the University of Linz, banning large cash payments would have "only minimal lowering effects on crime". Background on "virtual cash": Unlike cash, which is entirely anonymous, transactions carried out with cryptocurrencies can, in the case of Bitcoin, be traced on the "blockchain". Law enforcement has again and again been successfully prosecuting such criminals by detecting unusual patterns and identifying suspects. Some criminals have eventually de-anonymized themselves, and every criminal will need to eventually exchange their digital funds for real money. Virtual Assets are of minor relevance to the global financial system. There is insufficient evidence on the volume and frequency of the usage of cryptocurrencies for money laundering. EU rules would be easy to circumvent due to the global nature of the Internet. Virtual Assets can technically be transferred directly from one person to another without using intermediaries, which makes them impossible to regulate. Where Virtual Assets have been used for criminal activities in the past, prosecution has been possible on the basis of the current rules. Full text of the legislation back to archive --------------------------------------------------------------------- Related topics 19. March 2024 EU cash cap and ban on anonymous crypto payments results in financial paternalism Europaparlament Freiheit, Demokratie und Transparenz Press releases Pressemitteilungen 0 19. March 2024 EU tightens surveillance of air travelers Europaparlament Freiheit, Demokratie und Transparenz Press releases Pressemitteilungen 0 15. March 2024 Open letter: EU lawmakers call on Meta to scrap its 'pay or okay' scheme Nicht kategorisiert 0 1 2 ... 177 Next page --------------------------------------------------------------------- Interesting too Kategorien * Artificial Intelligence * communications screening * Europaparlament * European Parliament * Freedom, democracy and transparency * Freiheit, Demokratie und Transparenz * Job offers * Media reports * Nicht kategorisiert * Other * Press briefings * Press releases * Pressemitteilungen * Pressemitteilungen (SH) * Sonstiges Anstehende Veranstaltungen Apr 10 12:30 - 14:00 Conference: Media freedom & journalists under pressure : the cases of Assange and Radi & the way forward ahead of EU elections View Calendar Keep in touch with me! @echo_pbreyer @echo_pbreyer @patrickbreyer_mep This website is operated by Patrick Breyer, 60 rue Wiertz / Wiertzstraat 60, B-1047 Bruxelles/Brussels, Belgium. My office is available for telephone inquiries (e.g. press or appointment inquiries) on 0032 228 45664. Note for confidential mail: If you would like your mail to be presented to me in a closed envelope, please write "personal/ confidential" in the address field. PIRATE PARTY * About us * Pirate Party Germany * European Pirate Party * Pirate Party International * Communal Pirates [cc-by] All content on this site - unless indicated otherwise - is free to use under a Creative Commons license. Contact / Privacy Notice [ ]