US EditionBan cash: French minister coins novel idea to battle drug crime
- French Justice Minister Gerald Darmanin proposed banning cash transactions during a Senate hearing on Thursday to combat drug crime in France.
- Drug-Related cash deals amount to four to six billion euros yearly, while existing restrictions still allow many transactions to evade seizure.
- Darmanin acknowledged that criminal groups may shift to cryptocurrencies but argued this change is preferable since digital payments are easier to trace than cash.
- A study published by the European Central Bank in December 2024 found that cash payments still represented a significant portion of transactions in France during the previous year, being favored for reasons such as anonymity, budgeting, and routine use, particularly among older individuals.
- The proposed ban aims to disrupt criminal cash flow but faces likely public resistance over privacy concerns, while authorities expect enhanced tracking of illicit finances.
21 Articles
21 Articles
French justice minister calls for abolishing cash
France's Justice Minister Gerald Darmanin has proposed abolishing cash transactions, arguing that digital payments - including cryptocurrencies - are much easier to trace than physical money and would help authorities combat drug trafficking and other criminal activity. Restrictions on cash transactions in France and across the EU have already tightened in recent years. Speaking before a Senate commission on Thursday, Darmanin said that "a large…
While the Minister of Justice described a "simple measure", its implementation raises many legal, technical and practical issues.
Gérald Darmanin suggested that, in order to combat drug trafficking, the best solution was to remove cash. The Keeper of Seals recognizes that the idea is bold. Let's try to understand whether the abandonment of cash would be effective in the face of great banditry. In countries that have already renounced cash, like Sweden, criminals have completely dematerialized money laundering, including cryptocurrency. (Police, justice and other facts).
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