The EU Backs Off its War on Cash. Here’s Why

Finally some common sense

Rigged Game

People view paying in cash “as a fundamental freedom, which should not be disproportionately restricted.”

The European Commission, in its official war on cash, admitted that physical cash is perhaps not quite the source of all evil that many EU institutions, including the Commission itself, had made it out to be. And it has abandoned its war on cash.

In a report to the European Parliament and Council on the viability of EU-wide cash payment restrictions, the Commission made three crucial observations.

1. Cash restrictions would have little effect on terrorist financing

Cash plays a major role in many terrorist activities, “offering anonymity and facilitating the ability to conceal not only illegal activities, but also ancillary legal transactions that could otherwise be tracked by law enforcement agencies,” the report points out. But according to the findings of a detailed analysis of recent terrorist attacks, restrictions on payments in cash would…

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