Governments around the world claim moving toward a cashless society aids in tracking potential fraud through a switch to electronic payments. The Wall Street Journal lays out Swiss opposition to the global trend. I share the Swiss aversion to an electronic payments system where the government would instantly have an open window to your financial transactions.
The Swiss love cash, and use it regularly to pay for purchases large and small—monthly utility bills can be paid in cash at post offices. Their affinity shows no sign of abating, and flies in the face of a global trend toward cashless economies and electronic payments that can better track potential fraud.
In the U.S., anyone accepting a cash payment over $10,000 must file a form with the Internal Revenue Service, identifying who made the purchase.
In contrast, the Swiss expect a high degree of flexibility to use cash.
A spokeswoman for Switzerland’s Federal Department of Finance defended the high ceiling for a single cash payment. “So far, we think it’s adequate,” she said, adding that the idea of any limit on cash payments in Switzerland became “quite a touchy subject.”
Read more here.
How Swiss francs are made
Latest posts by Dick Young (see all)
- Witness the Raw Power of Diversification - September 13, 2019
- With This Plan You Can Save More in 8 Years than in 32 Without It - September 6, 2019
- Don’t Be Shaken Out of the Market on Bad News - August 30, 2019