This doesn’t seem that much worse than American rules that have already been in place for a long, long time.

As it is, large payments or withdrawals must be reported to federal agencies, anything over $10k. This applies to cash transactions as well and the forms the IRS requires you to fill in a $10k+ cash transaction can be found here.

The biggest difference would be the impact on cash transactions and crypto transactions.

I’m pro-privacy, but a lot more crypto facilitatess crime than not, so I don’t really know why people would be shocked that governments would attack crypto specifically here. Looks like way more of a crackdown on crypto than cash, but maybe that’s just me.

Here in Germany Cash payments for houses are a great way of laundering money for the mafia. Similar roles have als been proposed a while ago

Italian here. Our right wing government who blinks an eye to all small entrepreneur in Italy (there are A TON here) recently increased the max cash payment from 2k to 5k. This is definitely a way to say “please be free to recycle a bit more oney” and to gain votes in exchange.

It’s incredible how Germany, Austria, or Switzerland to name a few have this crazy high cash payment.

In fact our “ndrangheta” for example (Mafia from Calabria) expanded a lot in Germany due to this.