Post
Topic
Board Bitcoin Discussion
Re: New EU AML ban bitcoin anonymous payment
by
PrivacyG
on 24/03/2024, 21:36:20 UTC
As for the all caps breaking news...

Quote
The new AML legislation applies certain limits for cash transactions and anonymous cryptocurrency payments. Under the new rules, anonymous cash payments over 3,000 euros will be banned in commercial transactions, and cash payments over 10,000 euros will be completely banned in business transactions.

The new legislation is expected to be fully operational within three years from its entry into force.

I doubt more than 5% of the forum does more than 2 payments over 3000 euros for goods a year that can be split into two or three.
I remember the limit was around 10 thousand until years ago.  Or am I wrong?

The issue is that they are slowly restricting more and more of the amount until they will finally impose a restriction on every Anonymous Cash payment or put a very low threshold.  Hopefully not.  But it is what it looks like.

Then there is one more thing.  Is it for payments over 3,000 Euros as in you can spend 30 Euros 100 times in an year, or is it a cumulative limit?  The Anonymous payment limit on Precious Metals in Europe is cumulative.  As in, back when the limit was 10,000 Euros you could have placed 100 different orders in the time span of years, worth 100 Dollars each.  Then you are considered to have passed the 10,000 Euros Anonymous limit and are therefore required to send Know Your Customer information if you want to order again.

Of course, this cumulative limit is mostly for Online orders where you can particularly request and Anonymous invoice, or for physical purchases.  And of course, this limit is easy to pass for physical purchases.  The point I am trying to make is that it is still a harsh limit and they are still slowly restricting every now and then until the threshold becomes so low you will not be able to purchase any thing besides a few cans of soda without having to provide information.