The movement toward a cashless society won't happen overnight but it is quickly gaining speed, as France has now declared its own war on cash. A recent French Paper posted a report titled “La chasse au cash est lancee” which roughly translates into “hunting cash is launched.” France's Minister of Finance, Monsieur Michel Sapin, has issued a variety of new restrictions that are aimed toward minimizing the use of cash in the country. Of course the given excuse for the move is to help “combat terrorism,” and among the restrictions is the prohibition of making more than 1,000 euros in cash payments. Also, large cash withdrawals that exceed over 10,000 are now going to be monitored and reported to French authorities. Foreign exchange offices will now also be required to obtain a copy of someone's identification if they exchange more than 1,000 euros.
Cash wasn't the only thing that the new rules targeted, they will also apply to the moving and transportation of gold in the nation. Even if the gold is being transferred through a professional service, it still must be declared and reported to French customs. Unfortunately, France isn't the only one keeping a closer eye on cash and gold transactions. U.S. banks have also been instructed to report individuals to the police who withdraw more than $5,000 in cash. Currently, the government has the U.S. banks fill out a Suspicious Activity Report (SAR) if they ever suspect any unusual activity. This isn't enough however, and they really want to go further after cash transactions. "A senior official from the Justice Department spoke to a group of bankers about the need for them to rat out their customers to the police," said investor and financial blogger Simon Black.
The movement toward a cashless society is creeping steadily toward realization. A growing number of nations are starting to place restrictions on cash transactions, gold, and more. France and the U.S. aren't the only ones, Spain has also banned cash transactions of more than 2,500, and Italy has banned transactions of more than 1,000 euros as well. They are slowly moving toward their goal of making cash illegal, so that the only form of payment available for the people will be an electronic currency (that can be easily monitored and tracked). After all, paying with cash must be a suspicious activity because only terrorists use cash apparently, right?
Most people are not aware of this fact, but there are quotas that are put into place which require banks to report suspicious activity, if they do not submit enough suspicious activity reports (SARs) then they could be fined, or worse. Banks are being directly encouraged by the government to spy-on and report activity, they do this even though the majority of those transactions are not related to terrorism whatsoever. If they were really concerned about locating the source of funding for terrorism, then they would look at the U.S. and its agencies more closely that have been linked to fueling such efforts. Doing so would be more of a reasonable response and approach to terrorism than targeting and suspecting innocent people. Not only are these controls aimed at decreasing transparency in the marketplace for innocent individuals, but they are also designed to trap people's savings in the current banking system. Also, many banks across Europe now even require citizens to pay the bank for the privilege of having the bank hold onto their money, thanks to the drop in deposit rates.
History has shown many people that they cannot trust their bank to always be there to protect their wealth, and if anything that people might be better off protecting their wealth using alternative methods. When the crash recently occurred in Cyprus, people started rushing toward the bank to take out anything that they could, and others were flocking to cryptocurrency options like Bitcoin (BTC) in a play to try and protect themselves. There is no guarantee that the bank will protect your wealth, when they are not even legally required to offer full protection thanks to our current and corrupt fiat monetary policy. If you are interested in protecting yourself, there are better options than the banks like cryptocurrencies or credit unions, you can also choose to go with tangible assets like real estate, silver, or gold.
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