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Move Towards Cashless Society Accelerating as South Africa, Taiwan, and Even Russia Joining the Bandwagon

Sunday, February 26, 2017 9:20
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(Before It's News)

from Rogue Money:

It is difficult to fathom whether the ongoing moves, especially by a growing number of BRICS nations, towards a cashless society are being introduced by their own sovereign leaders, or from threats, intimidations, and pressures being placed upon them by globalist entities. But either way, what started out last year as theoretical suggestions by a few academic elites chirping from their ivory towers has now morphed into a movement that is growing in strength all around the world.

Last November we discovered that the CIA was highly involved in coercing India’s Prime Minister Modi to begin to ban physical cash, and to try to force their society into a banking system that they have rejected for centuries. And despite small amounts of backlash from the citizens of India, the process towards creating a fully automated digital monetary system there has begun to shift into high gear.

Ironically, India is one of the touted BRICS economies which over the past four years had stood more in support of China and Russia’s monetary agendas than it had in simply following lockstep with Washington’s policies of dollar hegemony. And in an interesting secondary turn of events that have also occurred this week, two other BRICS nations began rattling their own sabers for establishing certain levels of eliminating cash, but in two different ways of going about it.

Russia: Tax cash transactions tied to money laundering tax avoidance

On Feb. 22, a new report came out citing members of the Russian Ministries of Finance and Economic Development that they are currently in the process of discussing a special tax to be imposed on cash transactions in order to fight what they perceive is a growing epidemic of physical cash being used in tax avoidance, and in money laundering by and for criminal elements.

The Russian Ministries of Finance and Economic Development are working on the way to reduce cash payments, business daily Vedomosti reports. The goal is to move away from the shadow economy and corruption that comes from money laundering and tax evasion.

According to the newspaper, the ministries are considering banning the payment of salaries in cash, limiting large cash purchases or introducing a cash tax.

Officials want to limit cash purchases of real estate, cars, and luxury items, but the cut-off price is being discussed. The economists are also looking at examples of India and Azerbaijan that limit not only cash transactions, but also cash withdrawals.

In January, the Russian media reported the government is considering setting a single cash purchase limit at 500,000 rubles (about $8,750 at the current exchange rate). Minister of Finance Anton Siluanov backed the initiative without specifying the limit.

At the moment, Russians still prefer cash transactions. In the first nine months of 2016 holders of bank cards withdrew 19 trillion rubles ($330 billion), but only spent 8.7 trillion ($150 billion) to pay for goods and services using plastic.
— Russia Today

South Africa: People moving voluntarily away from cash and into digital commerce

For the very most part, Africa has been the one continent bereft of a strong banking system, except where it was primarily used by colonial powers to pillage and rape the regions resources. And as such there are still more individuals residing in rural areas than in major cities, and their only means of communication to the wider world is actually tied to the cellphone, and at an accelerating rate, the Smartphone.

So with this in mind, and with many Africans having limited access to physical cash except by small local money exchanges, the concept of digital currencies like Bitcoin are finding much traction throughout the continent.

We have also seen how quickly, thanks to our almost complete mobile penetration, blockchain technology, such as Bitcoin has taken off in South Africa across all strata of our economy.

These are signs that South Africa’s transition to a cashless environment could happen very quickly indeed.
— Biz Community

Russia, India, and South Africa make up 60% of the BRICS coalition, yet we also cannot leave out China, which according to Cliff High of Web Bot fame sees the second largest economy using digital currencies like Bitcoin as a strategic part of their Silk Road project.

Taiwan: Cracks down on cash transactions to fight money laundering and criminal activity

The last country on our list this week is the nation of Taiwan, who on Feb. 23 announced they are cracking down on any and all cash transactions for higher priced luxury goods such as jewelry and real estate.

Read More @ RogueMoney.net

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