By 2027, the European Union will have completed the most invasive overhaul of its financial system in modern history. Under Regulation (EU) 2024/1624, cash transactions above €10,000 will be illegal—no matter if it’s a private sale, a used car, or a family heirloom.
“Persons trading in goods or providing services may accept or make a payment in cash only up to an amount of EUR 10 000 or the equivalent in national or foreign currency, whether the transaction is carried out in a single operation or in several linked operations which appear to be linked.” — Regulation (EU) 2024/1624, Article 80, paragraph 1
Simultaneously, the Markets in Crypto-Assets Regulation (MiCA) forces all crypto service providers to implement full-blown surveillance via mandatory identity verification and reporting. An anonymous Bitcoin transfer? That window is closing. And rounding out the trifecta is the European Central Bank’s digital euro, which promises privacy—just not too much of it.
This isn’t a proposal. It’s happening. And if you think it’s just about catching criminals, you haven’t been paying attention.
The justification, as always, is safety. European officials cite €700 billion in annual money laundering as the reason for the crackdown, framing the new rules as a bold stand against crime and corruption. But what they’re building isn’t a net—it’s a cage. These laws don’t distinguish between a cartel kingpin and a retiree who prefers cash. They treat every transaction like a threat, every citizen like a suspect, and every private interaction as a problem to be solved by surveillance.
Hellbound and Down 