A new Israeli government committee has 90 days to present to Prime Minister Binyamin Netanyahu ideas on how to implement a more cashless society, with free electronic charge cards to replace cash transactions in a war against the “underground” economy.”
The cash cards, unlike credit cards, will be available to poor people on welfare or who have no bank accounts.
“It is estimated that billions of shekels in the economy are not taxed, which means that the public does not benefit from them,” said Harel Locker, who will chair the committee while remaining as director of the Office of the Prime Minister.
Police officials say that a more cashless society will help decrease money laundering and the underworld’s use of cash to finance crime.
Several European countries already have adopted policies to limit cash transactions, and the United States requires citizens to report all cash transactions exceeding $10,000.