EU regulations limit shop spending to 2000 euro starting at 2020

[Spinat]

Did anyone of you have heard that the EU sets out new regulations demanding spending cash in shops is limited to 2000 euro starting in January 2020 ?

I can't believe that we are so far to a cashless world!

 

[Marie Manila]

Germany is going to limit buying gold (and I think also other precious metals) anonymously to 2000 €.
So, if you want to buy 2 OZ of gold, you have to show your passport.

If there would be a general rule for limiting cash operations in the whole EU, it would not make sense to make an redundant rule in Germany.

https://www.armstrongeconomics.com/.../gold-becoming-part-of-money-laundering-laws/

 

[Tax Cow]

This PDF does the best job at covering limits on cash payments within the EU.

https://www.europe-consommateurs.eu...PDFs/PDF_EN/Limit_for_cash_payments_in_EU.pdf

Austria, Lithuania, Slovenia, Iceland, Cyprus, Malta, Germany -> No limits on cash payments as of 2019

Not covered in the latest PDF, but from my personal knowledge, also Latvia and Luxembourg should still be in this group. Precious metals and crypto tend to be subject to some basic KYC, even where no limits exist. Interestingly, luxury watches and prestigious artworks are not perceived as high risk for money laundering, and it's still possible to buy that stuff anonymously.

 

[bastard]

luxury watches

I have considered luxury watches but if you buy a watch say 10K and don't wear it but leave it in the original box, how can you be sure to get at least 10K for this watch again when you want to sell it after say 1 or 2 years? are you going to a dealer or sell it on eBay?

In regards to Gold, then you better buy it now if it is bought in Germany and you have large sums. I assume, if this only apply for Germany you can still go other places and buy Gold for as much as you may have available?

 

[Bmw850]

It's showing how much they want a world without cash and i guess they will succeed. Let's just see how it's already difficult to spend a 500 $ note...

I have considered luxury watches but if you buy a watch say 10K and don't wear it but leave it in the original box, how can you be sure to get at least 10K for this watch again when you want to sell it after say 1 or 2 years?

It is a way, I know a bit like watches lover and not really as investment.
You can take the example of the Rolex Dayton ( The bitcoin of the watches ), price was around 7500 euros, 15 years ago and in second hand now-days, you can sell it up to 100k. It's not a rule but it does exist, the model Paul Newman from Rolex did the same also.

are you going to a dealer or sell it on eBay

Definitely a dealer, too many headaches with an individual, underestimated & doubts of authenticity will not bring a smooth deal.

 

[bastard]

thanks for your input, I have something to think about now.

You can take the example of the Rolex Dayton ( The bitcoin of the watches ), price was around 7500 euros, 15 years ago and in second hand now-days, you can sell it up to 100k.

How would you know today witch watch is going to keep the price at least or even be more worth?

 

[Bmw850]

I have my owns ideas, some rolex , audermars piguet model but it's a bit subjective.
There is on the net a lot of forums like this one about watch lovers/investers. If you want i will compil you some and send it to you, because it will finish off topic.

 

[Educate]

Do you have a source on that OP? I wouldn't be surprised honestly.

 

[challenge]

Spain, Italy, Portugal, France, Belgium all have cash limits below 3k eur for their citizens. A friend told me that in Italy the limit has been lowered to 2k eur from this year on, and it will go down to 1k eur starting from 2022.
These rules are valid only for local tax residents of those countries.

There's a loophole, if an Italian guy goes to France or a French travels to Spain to buy a Rolex, then he's considered as a foreigner... the limits for non-resident customers are raised to 15k euros in some of those countries.

Double check these infos as most sites are not yet updated and got them from a friend.

Bitcoin Viability Strengthened by New Cash Limits in Italy - BeInCrypto

 

[JohnLocke]

A friend told me that in Italy the limit has been lowered to 2k eur from this year on, and it will go down to 1k eur starting from 2022.

Exact same thing I have heard for when you want to buy Gold for Cash in Germany. It's all regulated soon. If you don't mind to provide your passport etc. you won't have problems.

 

[lionel234]

Or just buy Krugerrand,
its small, its under 2000euro at the moment,
doesent have ”serial number”
and bought in the right store you almost pay the same price that you get selling it back.
It follows the goldprice.

 

[Educate]

The more limits countries put on cash, the better for Bitcoin

 

[Clip]

The more limits countries put on cash, the better for Bitcoin

I have the theory that the Bitcoin 2017 spike to 20k was because the beginning of CRS reporting.

If they limit cash, maybe we see 20k or more again

 

[Tax Cow]

Bullion sellers in GER have been asking for an ID for a while, but I've not observed any noteworthy authenticity checks. The usual equipment is a piece of hardware that scans the machine-readable zone, exactly what most hotels use, but some sellers don't even swipe through those. The document goes straight under the photocopier, and that's KYC/AML.

A difficult seller also asked me in his broken English "iis yoor soorce of fonds honest? Wee maast wadch for money washing!". I nearly giggled, but I said "yes" with a straight face.

Although anonymous cash payments are getting more difficult, there will be at least another decade of enforcement deficit. Every hot dog joint can't possibly get airport-quality document verification systems in place over night.

 

[JohnLocke]

Or just buy Krugerrand,
its small, its under 2000euro at the moment,
doesent have ”serial number”
and bought in the right store you almost pay the same price that you get selling it back.
It follows the goldprice.

I toally agree and if you have a few close friends it will be possible to walk into shops buy 2 - 5 coins walk out drink coffee come back and buy another 5 coins.

 

[KJK]

I have the theory that the Bitcoin 2017 spike to 20k was because the beginning of CRS reporting.

If they limit cash, maybe we see 20k or more again

You wish...

Imho the hype in Dec 2017 was because of tether (doing a form of "QE" in crypto world) and because of endless ICOs (people buy stupid tokens but first they go through BTC or ETH).

However I agree that the more stupid regulations become and the more central banks use "unconventional" tools, the more demand for Bitcoin there will be. The bad thing is that both gold (since 1970s) and Bitcoin (since Dec 2017, introduction of futures) can be manipulated with futures of "paper" assets. You can short gold without much of a "skin in the game". If there weren't paper gold and cash-settled Bitcoin futures, the price of both would be much much higher now.

The current world is based on debt (corporate debt, mortgages...), fiat money and fractional reserve banking. You cannot undo the entire financial system easily, though I admit Bitcoin is doing something unimaginable 10 years ago.

 

[JohnLocke]

great, please get back to topic before this thread turns int a BTC thread guys