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", the cash component of undeclared wealth in India was estimated to be only about 6%. In other words, the policy instrument was aimed at the wrong target: most
by NiklasMort 9y ago
", the cash component of undeclared wealth in India was estimated to be only about 6%. In other words, the policy instrument was aimed at the wrong target: most undisclosed wealth is held in noncash assets. " And this is not only true for India.
- sliverstorm 9y agoThat's wealth, not transactions. Digital could still bring to light "under the table" taxable transactions.
- NiklasMort 9y agoThe problem is that its a digital prison for normal people. If there is no cash then bank accounts, CC and transactions should be free, as cash is free itself. But they are not. It's just a money making machine for banks and CC companies. Furthermore if people want to hide something they'll manage, especially if it about big money.
- sliverstorm 9y agoTechnically paper money is not free either, people support the paper money machine with their taxes and in the cost of goods. Money must be printed & reclaimed & replaced, bills must be counted & sorted & transported, etc. Any currency system has overhead, the paper money overhead is just very hidden. So if the fees are appropriately low, a system of private banks and CC's could be ultimately similar in cost to normal people.