#Cashless society? Why withdrawing cash in Belgium is getting even harder
Finding an ATM from which to withdraw money has always been notoriously difficult in Brussels, but it is now set to become even harder as the world slowly moves towards cashless societies.
Today, bank branches are keeping less cash for distribution, and anti-money laundering requires regular checks on withdrawals and the use of cash. Furthermore, Belgian financial federations, such as Febelfin, are actively promoting a cashless society.
This was the bind that Belgian citizen Arnold Declercq found himself in after he tried to withdraw €3,000 for an art auction. His bank only had €1,500 on hand, and promised he could collect the rest the week after. Upon requesting €3,000 instead, alarm bells started ringing at the bank.
Declercq had to explain what he needed the money for. “Apparently they didn’t think an art auction was a valid reason. I was then refused every cash withdrawal until further notice!” he tells VRT. “From now on, I was only allowed to request money if I could prove it with an invoice as proof.”
Better ways to pay
Belgian law states that a trader may accept a maximum of €3,000 in cash, but between private individuals there is no limitation for a cash payment. You can sell your car to another private individual for €20,000 without issues. “If you can prove to your bank what that money is for, you will normally get such a large sum without any problems,” says Marchand.
Cashless society
From 1 July, all merchants are required to accept at least one digital payment method. “But which one they’ll accept is up to them.”
While cash remains a legal tender, the federation does promote a society with less cash. “Digital payment is safer and has other advantages. Because cash also has a certain cost,” said Marchand.
https://www.brusselstimes.com/241698/cashless-society-why-withdrawing-cash-in-belgium-is-getting-even-harder
#cbdc #currency
Finding an ATM from which to withdraw money has always been notoriously difficult in Brussels, but it is now set to become even harder as the world slowly moves towards cashless societies.
Today, bank branches are keeping less cash for distribution, and anti-money laundering requires regular checks on withdrawals and the use of cash. Furthermore, Belgian financial federations, such as Febelfin, are actively promoting a cashless society.
This was the bind that Belgian citizen Arnold Declercq found himself in after he tried to withdraw €3,000 for an art auction. His bank only had €1,500 on hand, and promised he could collect the rest the week after. Upon requesting €3,000 instead, alarm bells started ringing at the bank.
Declercq had to explain what he needed the money for. “Apparently they didn’t think an art auction was a valid reason. I was then refused every cash withdrawal until further notice!” he tells VRT. “From now on, I was only allowed to request money if I could prove it with an invoice as proof.”
Better ways to pay
Belgian law states that a trader may accept a maximum of €3,000 in cash, but between private individuals there is no limitation for a cash payment. You can sell your car to another private individual for €20,000 without issues. “If you can prove to your bank what that money is for, you will normally get such a large sum without any problems,” says Marchand.
Cashless society
From 1 July, all merchants are required to accept at least one digital payment method. “But which one they’ll accept is up to them.”
While cash remains a legal tender, the federation does promote a society with less cash. “Digital payment is safer and has other advantages. Because cash also has a certain cost,” said Marchand.
https://www.brusselstimes.com/241698/cashless-society-why-withdrawing-cash-in-belgium-is-getting-even-harder
#cbdc #currency
Brusselstimes
Cashless society? Why withdrawing cash in Belgium is getting even harder
From 1 July, all merchants are required to accept at least one digital payment method. "But which one they'll accept is up to them."
Forwarded from Ice Age Farmer
If only there were some tool to keep track of which central banks were digital currencies … enter the Central Bank Digital Currency Tracker straight from the Atlantic council!
“Management” needed a top down view …
#cbdc
https://www.atlanticcouncil.org/cbdctracker/
“Management” needed a top down view …
#cbdc
https://www.atlanticcouncil.org/cbdctracker/
Atlantic Council
Central Bank Digital Currency Tracker
A CBDC is virtual money created by a central bank. As cryptocurrencies and stablecoins become popular, central banks provide alternatives