France’s Justice Minister Gerald Darmanin has proposed abolishing money transactions, arguing that digital funds – together with cryptocurrencies – are a lot simpler to hint than bodily cash and would assist authorities fight drug trafficking and different felony exercise.
Restrictions on money transactions in France and throughout the EU have already tightened lately.
Talking earlier than a Senate fee on Thursday, Darmanin stated that “a big a part of each day delinquency and even felony networks depend on money,” and declared that “the top of money would forestall the institution of drug dealing factors.”
Darmanin, who beforehand oversaw public funds as Minister of Public Motion and Accounts, acknowledged that banning bodily cash wouldn’t get rid of the drug commerce, however insisted that “as soon as the cash is traceable,” it turns into “extra sophisticated” for each shoppers and sellers to flee monetary oversight.
French minister of justice proposes to ban money to make life tougher for drug sellers. He’s conscious that it’s going to make them use crypto as an alternative, however argues that crypto is less complicated to hint than money. It has been a good distance from “BTC is drug cash” to “crypto is less complicated to hint”. https://t.co/f5SpWSFIJJ
— Clément Lesaege (@clesaege) Might 22, 2025
The justice minister admitted that felony teams would probably shift to utilizing cryptocurrencies rather than money – however argued this could be an enchancment, since “crypto is commonly simpler to hint” as a consequence of blockchain information and new EU guidelines on transaction monitoring. Beneath the European Council directive set to come back into power subsequent 12 months, crypto asset suppliers shall be obligated to gather and share sender and recipient knowledge with tax authorities, successfully ending nameless crypto transfers throughout the bloc.
The proposal to ban money is more likely to face resistance from the French public, who proceed to view it as an important device for privateness and budgeting. A 2024 survey by the Banque de France discovered that whereas card funds at the moment are dominant (utilized by 62% of respondents), 60% nonetheless take into account entry to money “necessary or essential.” Respondents cited anonymity (40%), instant settlement (37%), and higher management over spending (31%) as key benefits of bodily cash.
Critics have warned that banning money altogether may increase issues about monetary surveillance and undermine private freedoms. Darmanin acknowledged these issues however argued that illicit money circulation poses a better systemic threat. “It’s good that we monitor notaries, banks, and actual property,” he stated, “nevertheless it’s time we take a look at parallel money circuits that bypass the formal economic system altogether.”
In France, any money fee over €1,000 to an expert entity is prohibited and punishable by a effective of as much as 5%, until the individual has no checking account or different technique of digital fee. For transactions between non-public people, the cap is €1,500, until the events signal a written contract with full names and phone particulars, in accordance with tips from the Ministry of Financial system and Finance.
On the EU degree, the European Parliament handed a directive imposing a bloc-wide exhausting cap of €10,000 on money transactions beginning in 2027. In line with the European Fee, the goal is to shut loopholes that permit felony teams to maneuver giant sums anonymously.
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