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Are Germans About to Be Made to Pay for Their Love of Cash?

Sunday, March 12, 2017 11:17
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Headline: Bitcoin & Blockchain Searches Exceed Trump! Blockchain Stocks Are Next!

wolfstreet.com / by Don Quijones / Mar 12, 2017

The ECB would do so at its own peril.

Germany loves physical money. According to a Bundesbank study, approximately 80% of payments in Germany are made in cash. Even among millennials, two-thirds say they prefer paying in cash to electronic means, a much higher level than in almost any other advanced economy with the exception of Japan.

This is a big problem for a European establishment that is desperate to consign physical money to the scrap heap. Some countries, including France and Spain, have already set maximum cash limits of €1,000. Greece has dropped its cap for cash transactions from €1,500 to €500.

In January the European Commission telegraphed its intention to implement a mandatory continent-wide limit by 2018, even if it violates the “non-fundamental” rights of over 500 million EU citizens to privacy, anonymity, and personal freedom. The Commission’s plans are likely to meet strong resistance from certain quarters, in particular Germans.

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The post Are Germans About to Be Made to Pay for Their Love of Cash? appeared first on Silver For The People.



Source: http://silveristhenew.com/2017/03/12/are-germans-about-to-be-made-to-pay-for-their-love-of-cash/

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