Worthy Christian News » Israel Approves Plan Toward Becoming World's First Cashless Society

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Worthy Christian News » Israel Approves Plan Toward Becoming World's First Cashless Society

A special committee headed by Prime Minister Benjamin Netanyahu’s chief of staff, Harel Locker, has recommended a three-phase plan to all but do away with cash transactions in Israel.

The motivation for examining a cash-less economy is combatting money laundering and other tax-evasion tactics, thereby maximizing potential tax collection and greatly expanding the tax base. This is important considering the enormous strain put on Israel’s national budget by the army, healthcare system and other public services.

The committee estimated that the black market represents over 20 percent of Israel’s GDP, and cash is the facilitating factor. Cash enables tax evasion, money laundering and even financing terrorism.

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2 Comments on this post.

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  • Worthy News
    28 May 2014 at 5:39 am - Reply

    Amazing, how fast a "Cashless" Society is coming!

  • Stephen Wilson
    28 May 2014 at 6:58 am - Reply

    I thought Sweden already was cashless??

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  • 1999-2014 Worthy Christian News » Israel Approves Plan Toward Becoming World's First Cashless Society