In all likelihood, the federal government will The upper limit required by the European Union for cash payments Also shown in Germany. At €10,000, this limit should be higher here than in other euro countries. There, only half or even less cash is allowed: in France, for example, it is only 5,000 euros. Federal Minister of the Interior Nancy Visser (SPD) wants Better fight money laundering ability. Federal Finance Minister Christian Lindner sees his duty in Brussels.
Hardly any country is without restrictions on monetary transactions
Germany applies in the European Union as a haven for money laundering, where the mafia and other parts of organized crime and tax evaders can hide their payments with particular ease, for example in cash. The purchase of real estate for cash, which German notaries directly accepted, had already been discontinued.
According to Interior Minister Weser, a maximum of 10,000 euros should be applied to all payments, including the purchase of used cars, for example. Weser wants to dismantle criminal structures and constantly deprive them of income, she told Bild newspaper.
Consumer Center: Don’t put cash users under public suspicion
The Federal Association of Consumers (VZBV) criticized the initiative as wrong and spoke out against any restrictions on cash transactions. Thus users will be placed under general suspicion. Opposition politicians, such as those affiliated with the CDU and CSU, have made similar statements.
But in Christian Lindner’s Federal Finance Ministry, Germany is unlikely to be able to stop EU-wide cap plans for the purchase of banknotes and coins, which will come in all member states.
What is the schedule for payment restrictions?
The plan is for EU member states to approve the new European money laundering directive on December 7 so that no country can do without corresponding restrictions on purchasing. For the anonymous purchase of precious metals such as gold and silver, there has been an upper limit of €2,000 in the European Union since 2020.
Bundesbank on literary turns with money
The FDP growls: “A monetary limit is a deprivation of liberty,” tweeted the liberal member of the Bundestag, Frank Scheffler. Criticism is considered by many to be a “liberty plaid,” including the Bundesbank which used it to paraphrase Fyodor M. Dostoyevsky. In Notes from the House of the Dead, the Russian poet linked it to money itself and not just cash.
In any case, the Bundesbank promises that cash will never disappear here, if only because it is the only legal currency in Germany. Accordingly, banknotes and coins are always accepted in shops or restaurants, and it will not be legal to pay exclusively by card.
In the event of a power outage, only cash in your wallet will help
If there are blackouts in Germany in the current gas and electricity crisis, the money supply will also be at risk. This was reported by the Reuters news agency, citing informed sources. The Bundesbank and financial watchdog Bafin are already considering a possible limit on the amounts bank customers can still withdraw from machines that are still working despite power outages. As a result, the financial industry is working on supply contingency plans in case the money distribution networks are not working properly.
Power outages for electronic payment systems will be even more dramatic. In such a situation, bank customers would only have cash anyway, which they would first have to take out from an ATM. Practically speaking, the only way to prepare for such a situation is to have a certain amount of cash on hand. And if it is in the supermarket The electronic cash register is no longer workingin addition to cash, at the end you even need some supplies of groceries.