4 ms·
An upside of a cashless society is the lack of bags of cash being seen flowing through airports at election time. So in other ways, cashless makes a country mo
by willvarfar 2y ago
An upside of a cashless society is the lack of bags of cash being seen flowing through airports at election time. So in other ways, cashless makes a country more resilient.
- infecto 2y agoIt is an interesting point and I do wonder how much harder it makes money laundering?
- DanielHB 2y agoBrazil instituted a cash-back system where any receipt that is created you can opt into putting your name/ID on it tying it to your person, even for cash transactions. You get around 0.5% cash-back if you do. This is still important even for non-cash transactions because Brazil has quite strict financial secrecy laws (ie law enforcement can't see into your bank account without a warrant). So you have to opt-into giving the government this data. I am not sure if it is good for money laundering (I assume it helps), but it massively reduced tax avoidance.