Current Events

Cashless future – EU is going to ban the use of physical money

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The EU legislative initiative is claimed to combat money laundering and could lead to criminal liability for the use of cash, according to Samnytt. Such a decision they say is aimed at combating crime and terrorism, but in reality, it will limit the freedom of Europeans.

The European Union has unveiled a new money laundering proposal that will make it harder to use cash. Supporters of the legislative initiative claim that it is aimed at combating crime and terrorism. At the same time, critics of the law claim that the state deprives people of the right to privacy, which is a disturbing restriction on the freedoms of citizens.

The new proposal includes, among other things, a requirement that all cash transactions over €10,000 be registered and reported to the state authorities. Member states will also need to create a national register of all cash holders so that the relevant departments can track and control cash flows.

Critics believe that this is not only about the outlawing of cash, but also about the growing surveillance of the financial transactions of citizens. This causes serious concern among those who value freedom and the right to privacy, the newspaper notes.

According to German Alternative for Germany party spokesman Dr. Gunnar Beck, stricter controls on German savings and pension transactions are the wrong way to go when attention should be focused on money laundering by organized crime groups and Islamist terrorists.

At a time when more and more countries and banks are moving away from cash in favor of digital means of payment, this proposal can be seen as another step towards a cashless future, which makes society even more vulnerable to cyber attacks and technological failures.

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2 replies »

  1. (3 mins) Watch ECB President Christine Lagarde stating that on October 23, 2023, ‘they’ will make the decision about switching to a CBDC:
    Of course we know ‘they’ have already decided. In the 1980s already The Economist, a Rothschild owned journal, had on its front page the announcement of a future digital global currency.
    Digital only currency = a totalitarian control system in which those who don’t submit to tyrannical demands will have their Central Bank Digital Account blocked at the supermarket counter and that is their stated intention.

    Liked by 2 people

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