Taiwan Joins Global War On Cash: Plans To Ban Purchases Of Houses, Cars, & Jewelry
The cancerous virus of freedom-destroying worldwide cash-bans – in the name of fighting terrorism – has reached Taiwan this week. With the aim of ‘preventing money-laundering’, Taiwan may ban cash purchases of properties and luxury goods, Taipei-based Economic Daily News reports, citing unidentified official at Ministry of Justice.
As we previously noted, the War on Cash is not merely continuing, it is intensifying.
It began in the West, with relatively minor infringements on our right to use the currency of our own nation. The War has now shifted to India, been radically ratcheted up, and inflicted upon a population of 1.2 billion people, where 68% of transactions were conducted with cash. And now, as The Economic Daily News reports (via Google Translate), to Taiwan…
With the goal of strengthening the prevention and control of money laundering, Taiwan’s Ministry of Justice plans to promote large-scale transactions without cash. The first wave may lock real estate, luxury cars and jewelry transactions.According to the provisions of the money-laundering control law, which currently controls the use cash payment tools, The Ministry of Justice to discuss the plan with other regulators in the second half of the year.
Once finalized, the sale of real estate, cars, and jewelry will not be possible using cash; only non-cash payment tools, such as credit cards, financial cards, checks, electronic payments or remittances.
Current regulations require the keeping of records and reporting of any transcations over 500,000 Yuan (around $72,000), with no limit on the amount of cash that can be used.
As to whether a lower threshold will be set, it is unclear; but from indications, for the sale of real estate, luxury cars or jewelry the threshold will be zero – and only non-cash allowed.
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