Israel bans large cash transactions, requires digital payments

Keean Bexte

July 29, 2022

Israel has just banned using cash for purchases larger than $1,700 and instead requires residents to use digital transfers or debit transactions. Prior to the decision, cash transactions were capped at $3,200.

Israel is becoming a cashless society, just banned large transactions
Israel is becoming a cashless society, just banned large transactions

Exemptions for private citizens are in place, which allows for exchanges of up to $4,360 in cash. In addition, charitable organizations and those trading with Palestinians who are not citizens of Israel are also exempt for a limited time. 

Israeli officials have claimed that the new cash limit is to combat criminal organizations that rely solely on cash trades. 

“We want the public to reduce the use of cash money. The goal is to reduce cash fluidity in the market, mainly because crime organizations tend to rely on cash. By limiting the use of it, criminal activity is much harder to carry out,” said Israel’s Tax Authority head Tamar Bracha.

The intended effect of the new law is to reduce the amount of physical cash on the market.

Israel has been at the forefront of adopting “digital ID” and digital currency technology. In 2020, Israel was among eight nations that formed the Digital Identity Working Group to discuss how to implement a global digital identity system for trade and travel. 

Other members of the group include Canada, the Netherlands, the UK, Singapore, New Zealand and Finland.

This year the country’s Interior Ministry also asked to extend the collection of fingerprints for Israel’s national biometric ID database. 

The government hopes to update the database soon to include facial recognition information about residents.

Similarly, as reported in The Counter Signal, the Canadian government is working with several major Canadian airlines to implement digital ID and facial recognition technology for air travel by next year.

“For the purpose of this proposal, digitized, digital, and biometric documents refer to digital copies of physical identification documents that are scanned or updated, digital identification documents issued by a government authority, and electronic identification documents that use biometric identifiers (such as facial recognition) respectively,” reads a government bulletin.

It’s clear that a precedent has been set, and Israel and the Western world are edging closer toward a cashless digital surveillance state from which there may be no return.

Share this story

Help Keep your News Free

Share this story

It's crucial we stay in touch

Big Tech wants to censor us, that’s why you need to stay in touch.

YOU MIGHT ALSO LIKE THESE...

Trending News

SHOCK: documents reveal that the Trudeau Government signed into a World Economic Forum-led Charter that surrenders health authority to Davos

Mike Campbell

January 19, 2023

Trending News

As Canadians increasingly look for security in the digital landscape, two major players have emerged in the conception, design, and development of a Canadian Digital ID — including one with close ties to the World Economic Forum (WEF). 

Dan Fournier

December 28, 2022

Trending News

Turkey has announced it will integrate a centralized digital currency with a digital ID.

Mike Campbell

November 7, 2022

Trending News

The UK Conservative Party has chosen Rishi Sunak as Britain’s new Prime Minister, prompting critics to accuse him of a globalist WEF agenda.   

TCS Wire

October 24, 2022

Trending News

The World Economic Forum (WEF) made a big move in the digital currency space this week with the launch of the Crypto Sustainability Coalition.

Keean Bexte

September 26, 2022

Trending News

PayPal has gone on a rampage by blocking organizations they don’t like access to their services. 

Jorgen Soby

September 23, 2022

We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. We also share information about your use of our site with our social media, advertising and analytics partners who may combine it with other information that you’ve provided to them or that they’ve collected from your use of their services. You consent to our cookies if you continue to use our website.