Probably to prevent people from storing their life savings on the mint / reduce risk

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Yeah, but the whole point of ecash is that you don't have an account but pass around tokens. So the question is how can a mint enforce a 1M account limit in this scenario? They wouldn't even know which user owns which token.

Good question, maybe it's enforced locally ¯\_(ツ)_/¯

Haven't seen the limit when importing it to mutiny wallet