https://www.moneymetals.com/news/20...arge-denomination-notes-in-war-on-cash-003491
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According to YNet, this would be the first step in a more comprehensive plan. In the medium term, officials hope for “a drastic reduction” in cash use with the ultimate goal of completely eliminating cash transactions. All transactions in the country would be made via credit/debit cards or bank transfers.
The plan would also ban private individuals and companies from holding “large amounts” of “cash alternatives,” including gold and silver.
In effect, Netanyahu hopes to ban all physical money and push society to electronic transactions.
The plan would reportedly roll out quickly, allowing a very short amount of time to change out 200-shekel notes. According to YNet, “This is expected to hinder criminal organizations from disposing of millions of notes.”
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I guess they will be including crypto when they say "cash alternatives". It is very worrying as other governments strapped for tax revenue might see this as a potential playbook. If this goes ahead just imagine police kicking your door in at 5am looking for large amount of gold coins or your ledger Nano etc.
P.S Hopefully they don't start distributing compromised Ledger hardware locally 😉.
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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
---- quote start
According to YNet, this would be the first step in a more comprehensive plan. In the medium term, officials hope for “a drastic reduction” in cash use with the ultimate goal of completely eliminating cash transactions. All transactions in the country would be made via credit/debit cards or bank transfers.
The plan would also ban private individuals and companies from holding “large amounts” of “cash alternatives,” including gold and silver.
In effect, Netanyahu hopes to ban all physical money and push society to electronic transactions.
The plan would reportedly roll out quickly, allowing a very short amount of time to change out 200-shekel notes. According to YNet, “This is expected to hinder criminal organizations from disposing of millions of notes.”
----- quote end
I guess they will be including crypto when they say "cash alternatives". It is very worrying as other governments strapped for tax revenue might see this as a potential playbook. If this goes ahead just imagine police kicking your door in at 5am looking for large amount of gold coins or your ledger Nano etc.
P.S Hopefully they don't start distributing compromised Ledger hardware locally 😉.
Toggle signature
Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
