The Minister of Justice admitted that criminal groups would most likely control to cryptocurrency alternatively of cash – but argued that this would be an improvement because "Cryptolutes are frequently easier to track" due to blockchain records and fresh EU rules on transaction monitoring.
In accordance with the European Council Directive to enter into force next year, providers of cryptographic assets will be required to collect and share data from the sender and recipient to taxation authorities, effectively ending anonymous transfers of cryptocurrency in the block.The proposal to ban cash is likely to face opposition from French society, which inactive sees it as a key tool for protecting privacy and budgeting.
A survey carried out in 2024 by Banque de France showed that although card payments are presently dominant (using 62% of their respondents), 60% inactive consider access to cash to ‘important or very important’.
Respondents mentioned anonymity (40%), immediate settlement (37%) and better control of spending (31%) as key advantages of physical money.Critics inform that a complete ban on cash may rise concerns about financial supervision and undermine individual freedoms.
Darmanin admitted that these concerns existed, but argued that the illegal circulation of cash poses a greater systemic risk.
“It is good that we monitor notaries, banks and real estate” “He said — "but it's time we looked at the parallel 2 cash that completely bypass the formal economy."In France, any payment of cash above EUR 1000 to a professional is prohibited and fined up to 5% unless the individual afraid has no bank account or another digital payment means.
For transactions between private persons, the limit shall be EUR 1500, unless the parties sign a written agreement with full names and contact details, in accordance with the guidelines of the Ministry of Economy and Finance.At EU level, the European Parliament has adopted a directive imposing a rigid limit of €10 000 on cash transactions across the block since 2027.
According to the European Commission, the aim is to close gaps that let criminal groups to decision large amounts anonymously.
Translated by Google Translator
source:https://www.rt.com/news/618025-france-minister-ban-cash/
