This doesn't seem that much worse than American rules that have already been in place for a long, long time.
As it is, large payments or withdrawals must be reported to federal agencies, anything over $10k. This applies to cash transactions as well and the forms the IRS requires you to fill in a $10k+ cash transaction can be found here.
The biggest difference would be the impact on cash transactions and crypto transactions in the EU.
I'm pro-privacy, but a lot more crypto facilitates crime than not, so I don't really know why people would be shocked that governments would attack crypto specifically here (literally almost all ransomware uses crypto). Looks like way more of a crackdown on crypto than cash, but maybe that's just me. (On top of the fact that a lot of crypto isn't privacy-oriented. Looking at you, Bitcoin)
Two years ago USA put in rules for commercial digital transfers over $600 to be reported. Just pointing out that the EU's rules don't seem particularly draconian when weighed against already existing rules elsewhere.
This thread is a dumpster fire.
Can someone explain to me why i should be concerned about the tracking of payments that as an average person will not happen outside of buying huge stuff like a car?
While no one is forced to answer me i would like you to refrain from vague statements like "this is attacking your privacy", because i am interested in how. If you think its obvious feel free to ignore.
I think the biggest point that i could see being a problem is the crypto stuff because i once made a anonymous donation via monero (that because i was concerned but the target needed privacy). It was about 30€ or something. Would that be illegal under the new guidelines? And if so, why would i care, since it is supposed to be anonymous.
Honestly, it's nice to see that they included cash.
Good luck enforcing it, of course, but the traditional banking system is where the vast majority of all financial crimes occur. Which is partially what drives working class people toward alternative currencies. You want to clean up crypto? Clean up your own house first.
It's no different than in business. You have to earn buy-in from your stakeholders. Commoners fleeing to crypto is indicative that governments haven't earned that buy-in, and we all know why: People believe their governments serve the rich and powerful.
Meanwhile the rich will have minimal issue laundering their money regardless of which tech is used, they'll just experience different delays and transaction fees depending on the method.
I'm all for privacy and I'd use Monero all the time, but this kind of regulations heavily damaged the mafia so tbh let's go for it. I'm not gonna spend 3k per transaction regardless
So, Europe limiting people's freedom, even more. Why am I not surprised? Use Monero and build the circular economy. Give the middle finger to these clowns. People in the US need to do the same thing because we are headed down the same path. That's why I always suggest if you have Monero not turning it back into Fiat ever.