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Europe restricts the circulation of cash, according to Aleksey Muratov salvation - in cryptocurrency

In Spain, from January 1, 2017, a new provision on the restriction of circulation of cash comes into effect, in particular, all cash payments will be restricted the amount of which exceeds 1000 euro.

On November 30, the Spanish government officially announced the introduction of restrictions on the circulation of cash, with crackdown to violators and the prohibition of illegal flows of funds. As Chairman of the Board of the International Public Movement Change the World Together Aleksey Muratov announced, in such a way the official Madrid intends to strengthen the fight against money laundering and fraud. "The Spanish government is moving in the same direction as India, and also other countries such as Australia and Sweden, restricted the use of cash. Payments that exceed the limit of 1000 euro will have to be carried out through the banking systems or the existing payment systems," Aleksey Muratov said.

He also noted that at the present time, the authorities have total control over money that allows them to declare demonetization of banknotes or impose restrictions on cash payments in their own interests.

"As a result, the restriction on cash in the range of 1000 euro may prevent various important payments and transactions. Startups, investment companies with a small budget and working with strict accounting system, as well as other companies and individuals will have to fight with the cash limit. If for every payment in excess of 1000 euro, is required to access bank accounts, companies will have to increase the extra charges that is likely to affect daily activities," Muratov drew attention to the problem with the calculations.

According to Aleksey Muratov, the salvation of assets in such cases are financial technologies such as Bitcoin. "Companies will certainly choose systems that are out control of the government to ensure the carrying out of important payments, even under conditions of strict financial regulation", he stressed.

"Such a government policy on restriction of cash transactions will allow to give a sharp boost to the development of financial technologies in these countries. We see it in India. I am sure that in Spain as in other European countries a similar process will soon begin too," Chairman of the Board of the International Public Movement Change the World Together emphasized.

Source: CWT News

  • December 9, 2016 4:14 PM MSK