French justice minister wants abolishing cash
(MENAFN) French Justice Minister Gérald Darmanin has suggested eliminating cash transactions entirely, arguing that switching to traceable digital payments—including cryptocurrencies—would help authorities crack down on drug trafficking and organized crime.
Darmanin made his comments during a Senate commission meeting on Thursday, emphasizing that a significant portion of street-level crime and criminal networks depend on cash. He claimed that removing cash from circulation would disrupt illegal drug markets by making financial transactions easier to monitor.
Although he acknowledged that banning physical currency wouldn’t fully eradicate criminal activity, Darmanin stated that once money becomes traceable, it becomes significantly harder for individuals to avoid oversight. He noted that while criminals may shift to using cryptocurrency, this would be preferable due to blockchain traceability and upcoming EU regulations that mandate crypto platforms to record and report transaction data, effectively ending anonymity.
Despite increasing restrictions on cash within France and the EU, the proposal is likely to face pushback from the public. A 2024 Banque de France survey revealed that while card payments are now most common, 60% of people still view access to cash as essential. Respondents cited privacy, immediate payment, and better spending control as key reasons.
Critics argue that banning cash would raise major concerns over surveillance and erode civil liberties. Darmanin acknowledged these worries but insisted the systemic threat posed by unregulated cash flows outweighs privacy concerns. He stressed that it's time to focus on informal cash networks that operate outside the formal economy.
In France, existing laws already prohibit cash payments above €1,000 to businesses, and private deals over €1,500 require written agreements. The EU is also tightening its grip on large cash transactions, with a €10,000 cap across member states set to take effect in 2027 to curb anonymous financial transfers by criminal organizations.
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