Sep 26, 2013

Will Israel Be the World's First 'No Cash' Society?

August RosadoBy August Rosado
Today in Bible Prophecy Ministries

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The State of Israel has formed a committee to look into becoming the world's first no cash state. The purpose they say for this possible no cash state is to stop people from cheating on their taxes. People defraud their Government out of billions of dollars a year on tax evasions and the Government seems to be powerless to stop the cheaters. Cash does not leave a paper trail, and the Government of Israel believes that if they can turn from cash to a cashless society, they can easily stop tax cheaters.

Israeli currency

Israel Moves Towards Cashless Society

Israel is seeking to turn all financial transactions into electronic transactions as most do today. However, Israel is looking to become totally cash free with everything done electronically with high tech computers, and banks that can easily monitor how much money goes into an individual's account. They can monitor what you deposit and what you withdraw, with credit card companies keeping close track of customer's transactions.

The panel of this committee to be formed will include high ranking officials, including the Israeli Police force, the Israeli Tax Authority, the Chairmen of the Government Authority on Money Laundering and Terror, the Bank of Israel's income and payment director, as well as the State's Attorney's Office. Many high ranking Israeli officials are saying "cash is bad" and it allows cheaters to get out of their tax responsibilities. They say a tax collector cannot monitor cash income and outflow. They believe a cashless society will eliminate all that, and that all transactions can be accounted for even before it goes into their personal or business account.

The office of the Prime Minister of Israel even acknowledges that world Governments are also saying that cash leads to much illegal activity around the world. They believe by eliminating cash they can keep an accurate record of an individual's finances and stop illegal activity including money laundering. The PM's office said that Israeli citizen's will be left with no choice but to go with the cashless society and submit to electronic transactions.