France Unveils New Restrictions on Cash, Gold Use

France's Finance Minister Michel Sapin has announced a set of sweeping changes in how cash, gold and other "off-ledger" instruments can be transacted in the country.

Starting September this year, the maximum cash payment size for French citizens will be €1,000, down from the previous limit of €3,000. For non-locals such as tourists, the maximum will be €10,000, down from €15,000.

When exchanging money, the threshold for requiring ID has been reduced from €8,000 to €1,000.

If an individual withdraws in excess of €10,000 from his/her bank account per within a month, the bank must report the transactions to Tracfin (Traitement du renseignement et action contre les circuits financiers clandestins), France's financial crime watchdog.

Physical cash or gold in excess of €10,000 that is brought into the country will have to be declared.

Sapin framed the moves as part of a "the fight against the financing of terrorism" in the country.

There have also been unconfirmed rumors that the measures also included Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term like Bitcoin. One of the original sources on the story, Le Parisien, does not make such mention. In spirit, however, it would seem that the measures would be aimed at any financial instrument that escapes the oversight of the financial system. Although Bitcoin transactions are publicly tracked through the Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term, the identities of those behind them are unknown and authorities exercise no control over them.