French Finance Minister Michel Sapin announced a drastic tightening of the use of cash in France. According to Le Parisien, French citizens will be strictly monitored from September 2015 if they make payments in cash.The French authorities have been taking drastic measures to strengthen the control of cash payments. Measures will also be taken in relation to gold sales and the movement of any tangible goods, Pravda.Ru reports.
According to new rules, the limit on cash payments will be reduced from 3,000 to 1,000 euros. Tourists will be able to pay up to 10,000 euros in cash, with the current restriction of 15,000 euros.
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If a French citizen wants to change money into another currency, he or she will be allowed to exchange up to 1,000 euros without identification. So far, the French are allowed to buy foreign currencies in the amount of 8,000 euros without identification, Pravda.Ru says.
If a bank customer withdraws more than 10,000 euros in a month from their account, the bank must report the transaction to the Money Laundering Authority TRACFIN.
Banks must inform the authorities about all cargo transfers within the EU that exceed 10,000 euros.
France will also tighten control of crypto-currencies, such as Bitcoin.
In France, many already believe that the French authorities are waging a war against their own people in the form of financial repression. One is left to wonder whether other countries from the eurozone decide to follow the example of Paris. It is still unclear whether other euro countries to follow the example of Paris and take measures to restrict the free, private use of their money.
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