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A comment on Israel bans use of cash for purchases larger than NIS 6k (~1700 USD/EUR). Parent comment

Re:Israel bans use of cash for purchases larger than NIS 6k ... by jollybean on Friday July 29, 2022 @04:38PM (#32281491)
??? Credit Cards take 2.5%.

Can you imagine the government forcing 2.55 of entire swaths of the economy over to VISA?

Debit transactions also have fees.

If the government really wants people to switch to digital, kill VISA fees.

VISA is the 'Organized Crime Syndicate' that has a stranglehold on the entire digital economy.

Gov. can't do it because banks/visa practically own them.

It would take a Jimmy Carter or Bernie Sanders for that.

Institutional Dems. won't ever do it.

[ Parent | on HN ]
Re:Israel bans use of cash for purchases larger than NIS 6k ... by sonofhans on Friday July 29, 2022 @05:07PM (#32281796)
This is an excellent point and should be more visible. One effect of this is business model support for payment processors.

It's clearly not the only intent of the law. Bu when a government does something to benefit large and entrenched players in the market, we can all be forgiven for thinking that the fix is in.

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Re:Israel bans use of cash for purchases larger than NIS 6k ... by salawat on Friday July 29, 2022 @05:11PM (#32281824)
Keep in mind this also implicitly waives 4th Amendment protections for financial activity. As soon as you have a payment processor involved in a transaction, it's 3rd Party Doctrine all the way to the bank. Kiss expectation of privacy goodbye.
[ Parent | on HN ]
Re:Israel bans use of cash for purchases larger than NIS 6k ... by CogitoCogito on Friday July 29, 2022 @05:50PM (#32282183)
That's kind of the point.
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