Moving toward a Cashless Society
A special committee headed by Prime Minister Benjamin Netanyahu’s chief of staff has recommended a three-phase plan to all but do away with cash transactions in Israel (“Israel Eyes Becoming a Cashless Society,” Israel Today, May 26, 2014). The stated objective is to combat money laundering, terrorism, tax evasion, and other illegal activities. The committee estimated that the black market represents over 20% of the nation’s GDP. Whether or not this plan is put into effect, the world is rapidly moving toward a cashless society. Cash is involved in only 3% of consumer transactions in Sweden, 7% in Belgium, 8% in France, 10% in Canada, and 20% in the USA. Some Swedish banks don’t even handle cash any more (“High Tech Sweden Edges Closer to Becoming Cashless Society,” AP, Mar. 17, 2012). Swedish churches use card readers to facilitate offerings.
(Friday Church News Notes, August 15, 2014, www.wayoflife.org, email@example.com, 866-295-4143)
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