The European Union (EU) continues to extend financial repression to its citizens. With the excuse of fighting against money laundering and the financing of terrorism, it will further restrict the use of cash that European citizens can use.
Specifically, the regulation against money laundering (AML) will be modified and a new European directive (AMLD6) will be created, all of which will create a new regulatory framework that is even more repressive than the previous one.
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The new regulations will make it impossible to make payments of more than 10,000 euros in cash, making it practically impossible to do any business or deal anonymously. Not even European citizens can buy a low-end car without the state knowing.
This regulation will allow states to set even lower limits, which many of them are already doing.
But the new rules go much further and will affect the cryptocurrency sector. It will force service providers to strictly monitor user transactions. And not only crypto markets will be affected, but also precious metals companies, art sellers (including NFTs) or lenders. All of them are included in the new regulation that will limit transactions and reduce investment in the old continent.
Another step towards financial totalitarianism in Europe.
