Argentina Limits Use Of Cash

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Another example of people being limited in the amount of cash they may use, this time from Argentina. The people are not only allowed to spend 10% of what was previously allowed. In the last few months have been increasing stories of either capital controls in various countries or banks refusing to handle cash. 

The government will restrict daily cash transactions to 1.000 Pesos (231 US dollars) per person, down from 10.000 Pesos, according to a statement in the Official Gazette. The measure affects activity in the stock and bond markets, investment funds and in the futures markets. Operations above the limit will have to be done through Argentine bank accounts that are authorized by the central bank.

“They are forcing a higher level of formality in the economy, as cash transactions allow more irregularities,” said Felipe Hernandez, an analyst at RBS Securities Inc. in Stamford, Connecticut. “This is in line with other measures to prevent money laundering, for which the government has been under a great deal of pressure.”

Previous related articles

Cashless Society – BOA Refuse To Accept Cash For Mortgage Payment

Cashless Society Coming Soon

Capital controls In Italy – Plans To Ban Cash Transaction Over €300.

Greece to Make All Large Cash Transactions Illegal

Cashless Society – BOA Refuse To Accept Cash For Mortgage Payment

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In another example of a cashless society coming, this story was reported by Activist Post about a customer in California being refused to their mortgage with cash in a Bank Of American branch.

Bank of America in California refused to accept cash for a mortgage payment.  The manager of the bank said it was against their policy to accept legal tender physical currency (aka U.S. dollars) as payment for BoA mortgages.

The customer attempting to pay his mortgage, firefighter Robert Somerton, recorded the ordeal in Lakeport branch which made the bank manager so upset that he called the police.  The police detained Somerton for a half hour before releasing him with a warning that he may never return to that BoA branch or he’ll be arrested.

“I was shocked. I had no idea this would happen. Since when does a bank not accept cash?” Robert wrote after the affair.

Check out an earlier post from NIB in Ireland not accepting cash , or capital control in Italy.

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