Israel has established a special committee to study methods on bringing Israel into a cashless society. They have recommended a three-phase plan to essentially do away with cash transactions in Israel.
The reason for examining a cashless economy is overtly to combat money-laundering, tax-evasion, to maximize potential tax collection, as well as expanding the tax base. Cash can also be used to fund terrorism.
“According to estimates by the Tax Authority, about one-fifth of economic activity in Israel is not reported, i.e. it is a black market,” said Prime Minister Benjamin Netanyahu’s chief of staff, Harel Locker, who heads the committee. “As a result of this black market, Israel loses tax revenues in the neighborhood of 40–50 billion shekels ($11-$14 billion) annually. This is an amount equal to the individual annual budgets of the Ministry of Defense, the Ministry of Health and the Ministry of Education.”
The committee recommends greater restriction on the use of cash, limiting the use of checks and promotion of electronic payments. Their plan involves gradual limiting business cash transactions immediately to NIS 7,500 ($2,150 USD) and private cash transaction to NIS 15,000 ($4,300 USD) immediately, with lower limits later on. Stiff fines would apply to violators. All banks would be required to provide debit cards to account holders.
No doubt cash-starved governments around the world will be watching closely. If governments are successful in enforcing a cashless society, they will not only have control of taxation issues, but they will also be in a position to enforce a no-buy, no-sell law in conjunction with religious worship laws that will inevitably come.
“That no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name.” Revelation 13:15
Why Israel, a seventh-day Sabbath keeping society? Why not? The enemy loves to mock the very ones who had once been given the oracles of God.