EU to Tighten Cash & Gold Controls, Surge in Bitcoin Demand Will Follow

EU to Tighten Cash & Gold Controls, Surge in Bitcoin Demand Will Follow

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On Dec. 21, the European Commission tightened controls on the inflow of cash and precious metals from outside of the EU. Describing its decision as a move to crackdown on terrorist financing, the Commission granted permission to border patrols to seize cash or gold brought in by suspects. Customs officials in EU states, as well as border controls, can seize and restrict the inflow of cash and precious metals without particular guidelines as to whom is suspected of terrorist financing or funding of militant attacks. Such ambiguity in the new proposals could potentially lead to the false confiscation of funds carried in by civilians coming into the EU. Individuals holding over $10,400 in cash must declare at EU state customs before entering a member state. If they fail to do so, individuals could be scrutinized by the newly proposed regulations. The EU executive Commission also stated in a note obtained by Reuters that authorities will be able to seize money below $10,400 upon their independent investigations and considerations. Potential regulations on other money transmission methods To date, cash and precious metals are the only two stores of value that the European Commission plans on regulating. The inflow of cash and …