The French Finance Minister Michel Sapin, has announced a drastic tightening of the use of cash in France. As the newspaper Le Parisien reported, citizens will be strictly monitored beginning September 2015 if they make payments in cash. Restrictions will include:
- A limit on cash payments will be reduced from 3,000 euros to 1,000 euros.
- Tourists can only pay up to 10,000 euros in cash, so far there were 15,000 euros.
- If a Frenchman wants to change money into another currency, it must still do to 1,000 euros without identification only. So far,
- French could buy foreign currencies for 8,000 euros.
- If a bank customer stands out more than 10,000 euros a month from his account, the bank must report the transaction to the
- Money Laundering Authority TRACFIN.
- Banks must inform the authorities of all cargo transfers within the EU that exceeds 10,000 euros. This regulation impacts
- checks, pre-paid cards, and even gold.
The control of crypto-currencies like Bitcoin are set to be tightened drastically.
My question for you: how will your country, if they did the same as France (even the United States), react? How will it affect your money? What will happen with your purchasing power?
Learn more: The greatest wealth transfer