Really good news: in Norway, the right to pay cash has been enshrined in law, as of Oct 1st. Retail will no longer be able to refuse cash for payments up to $2000.
Meanwhile, in other EU countries you're _prohibited_ from accepting that much cash!
https://www.norges-bank.no/en/topics/notes-and-coins/the-right-to-pay-cash/
That’s good news. I need to look at the details, but the general idea is that if you ‘buy’ something and the merchant refuses to accept cash, your obligation to pay is then discharged and you get to keep the good - and your cash!
In our country you can maximally pay in cash 11647$ but it is still funny to me that you can’t pay what you want 😂😂😂😂
Please fact check your €2,000 claim. There is several EU countries without a cash payment limit. In other countries, like Italy, the cash limit is €1,000. In most countries the cash limit is still €10,000.
https://www.europe-consommateurs.eu/en/shopping-internet/cash-payment-limitations.html
I wasn't saying the entirety of Europe had that limit.
I must have read that wrong. "Meanwhile, in other EU countries you're _prohibited_ from accepting that much cash!"
But either way, handling money within the EU is turning into a massive joke. Through banks or in cash and the ECB's CBDC wont make it any better. You can feel their desperation to archive complete financial control.
So property owners lose the right to deny the sale of their goods as they see fit? Is this not an attack on property rights?
Bullish, I should figure out what to do with my expired 200 NOK notes... https://www.norges-bank.no/en/topics/notes-and-coins/exchanging-withdrawn-banknotes-and-coins/
Just a nit pick, but Norway is not an EU country. So you probably meant "other European countries" instead. However, it also means they don't necessarily have to abide by any EU regulations when it comes to cash payments.
It's really good that they put that into law. At the same time, most Norwegians hate cash. The Norwegian central bank is actively researching and monitoring the population on usage pattern and for 2023, 80% of all payments in shops, restaurants, etc, was with a payment card, 16% with phones (Apple Pay, Google Pay, etc), 3% with cash and 1% with other means of payments. Will be interesting to see end of this year or some time next year if the usage of cash payments increases or decreases.
NORWAY IS ONE OF THE MOST CASHLESS PLACES I HAVE VISITED.
MY CASH WAS REFUSED MANY TIMES. WONDER HOW MUCH THIS WILL CHANGE THINGS.
I want to puke. Since when do bitcoiners celebrate The State paving the way to greater freedom? Yuck! In Hollywood, I intentionally went to places that did not accept cash where I would consume the food (it's common in eateries) and slap down the exact amount owed, calmly presenting facts with an open invitation to call the police when confronted. But then again, I was a civil disobedience activist for several years before PT was born so I'm well practiced.
They won’t take cash on the bus. They blame it to the safety of the drivers. Risk of beeing robbed. In reality it’s because it is a hassle for them. Takes time for the driver to accept cash
Other countries have box thingies at the front of the bus. You put in coin, it beeps, you go on bus. Takes less than a second. Bus driver doesn't have to do anything.
They can still blame it on the safety of the driver. The box could be a honeypot for robbers.
The bus companies get away with this argument, so they are exempted from taking cash.
That is, they have to accept other means of payment than an app. For instance, in rural areas with 2-3 buses a day and a large elderly population that need the bus to get to the hospital (which is centralized to the city an hour or two away to save money), you can send in payment via bank (or maybe cash?) and get the ticket in the mail (which is only delivered every other day except weekends, again too save money).
So the focus of a cashless society in Norway is less about privacy and more about those who struggle with apps.
Force people to accept cash isn’t right
This is great, though norway’s aml laws state that payments above 8000kr (800$) needs to be kyc. Might be less depending what you buy.
I tried to pay an 800 Krone restaurant bill in cash about 6 years ago.
The waitress had never seen that much cash in her life. It’s a very card centric country.
Still early days
No me había fijado pero este chico es el Satoshi Nakamoto 😂
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Some places in Germany have stopped accepting cash due to break-ins. Meanwhile plenty of small shops and restaurants only accept cash. Very complicated.
Hi from Norways neighbor Sweden!
We desperately need such a law. This is one of the instances I'm definitely not agreeing with the hardcore libertarians. Cash is the only thing that can protect financial privacy and partial financial sovereignty in the short-to-medium term, and it's quickly being done away with in this country. I recently read that about half of the stores here don't accept cash!
However, it needs to be more thought through. Many businesses stop accepting cash because they have trouble getting rid of it. A law was passed a few years ago saying that the banks must have some way of depositing cash, but unfortunately they only have machines that accept bills, not coins. (Most bank offices don't handle cash at all.) And there's only one value-transport company, Loomis.
Stockholm, Sweden, was the worst place I've ever visited for cash acceptance. AFAICT it was literally impossible to get from the airport to the city center without a credit card. Ridiculous.
We will also need bitcoin notes in the future. ATM:s for 1000 sat notes, for example. The privacy of notes is unprecedented.
Good idea, but how to make sure they aren't fractionally reserved? If technology became cheap enough, maybe they could contain something similar to an Opendime or Satscard. But it would have to be really cheap, and still there's probably the problem of the UTXOs being too small to be spent.
There are several possibilities. One is to trust in the "bankruns" to check the issuing institution. The notes wouldn't be of that big value, maybe 1000 sat.
Another option is to mark each note with a bitcoin address, letting the receiver of a note check on the blockchain that the bitcoin is still there. But that could only be used for big value notes.
It will never be completely risk free, though. You should never have more bitcoin in notes than you can afford to lose.
Agree
What is not forbidden is mandatory.
