Following the path of other European countries, Germany’s government is considering to set a limit on cashMoney in physical form such as banknotes and coins. More payments to fight money launderingThe operation of attempting to disguise a set of fraudulently or criminally obtained funds as legal, in operations undeclared to tax authorities, and therefore not subjected to taxation. Money laundering activities are strongly pursued by authorities and in most countries, there are strict rules for credit institutions to cooperate in the fight against money laundering operations, to declare and report any transactions that could be considered suspicious. More. Finance Minister Wolfgang Schäuble has put forward a proposal to set a cap of € 5,000. But in a country that equates cash with freedom, these new efforts are being heavily resisted. Former ECB Chief Economist quoted Fyodor Dostoyevsky, saying “MoneyFrom the Latin word moneta, nickname that was given by Romans to the goddess Juno because there was a minting workshop next to her temple. Money is any item that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular region, country or socio-economic context. Its onset dates back to the origins of humanity and its physical representation has taken on very varied forms until the appearance of metal coins. The banknote, a typical representati... More is printed freedom”.
In July 2015, 11 EU countries have established caps on cash payments, ranging from € 1,000 in France to € 5,000 in Slovakia.
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