In this video, Vin Armani breaks down signs the establishment agenda for a cashless society is moving forward full steam ahead.
India’s Prime Minister Plans for Cashless Society
Narendra Modi, Prime Minister of India, has an economic firestorm on his hands following his decision to ban the 500 and 1,000 rupee notes. In his monthly address on Sunday, Modi took his ambitions further with a call for a cashless society.
According to a translation by Reuters, Modi said, “I want to tell my small merchant brothers and sisters, this is the chance for you to enter the digital world.”
The ban has removed 80 percent of the country’s currency from circulation and brought commerce to a virtual standstill. But rather than backing up, it appears that Modi is doubling down. “We can gradually move from a less-cash society to a cashless society,” he told listeners.
$100 note to be scrapped? Australia to crack down on cash payments (with VIDEO)
Australia looks set to follow in the footsteps of Venezuela and India by abolishing the country’s highest-denomination banknote in a bid to crack down on the “black economy”.
Speaking to ABC radio on Wednesday, Revenue and Financial Services Minister Kelly O’Dwyer flagged a review of the $100 note and cash payments over certain limits as the government looks to recoup billions in unpaid tax.
Monday’s midyear budget update will include the appointment of former KPMG global chairman Michael Andrew to oversee a black economy taskforce. The black economy accounts for 1.5 per cent of GDP, given many cash payments are untaxed.
The End of the 500 Euro Note Could Lead to a Cashless Economy
After months of heavy deliberation, the European Central Bank decided in April to phase out the €500 banknote in an effort to curb terror financing and other illegal activities.
The bank announced plans to end production of the €500 note—worth $574—by the end of 2018, though bills in circulation will be taken as legal tender.
The note, also dubbed the Bin Laden, is rarely used by the general public. About 60% of Europeans say they’ve never seen one—but has been used to evade taxes, in terrorist operations, and other illegal activities.
“Eliminating the bank note could help temper criminal activity, but in reality the implications are much broader,” analysts from Stratfor wrote in a February research note. “The idea is just the most recent step in an ongoing process moving Europe, and indeed the world, closer to an entirely cashless economy.”
It’s time to kill the $100 bill (by Larry Summers)
What should happen next? I’d guess the idea of removing existing notes is a step too far. But a moratorium on printing new high denomination notes would make the world a better place.
Watch the full broadcast here: