France Implements Further Restrictions on Cash

Last month the French Government announced further restrictions on cash usage, to begin in September. They claim the move is to prevent terrorism financing. The move is similar to restrictions placed on cash usage in Italy in late 2011, but that measure was intended to thwart tax evasion. Regardless of their claimed reasons, the end result is the same, governments increasingly want to control and track their citizens' wealth. These new restrictions on cash usage are a reminder of the unique value that a decentralized global digital currency such as bitcoin brings to the table.

The New Restrictions (Starts in September):

  • Purchases or any Cash Transfers over $1,000 Euros are prohibited (Down from a $3k Euro Limit)
  • Bank Withdrawals totaling more than $10,000 Euros in one month need to be reviewed by the Government
  • Converting more than $1,000 Euros to or from a foreign currency requires a valid photo ID card (Down from $8,000 Euros)

Our Executive Editor, Matt Odell, wrote a very relevant piece on how Bitcoin is a Tech Based Solution to Oppressive Government last October. 

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