Israel restricts the use of cash to combat illegal activities. Israel wants the use of digital payment methods.
Known for its crypto-friendly regulations, Israel is imposing restrictions on cash payments to encourage digital payments. It was announced that restrictions on cash payments were introduced in order to combat illegal activities in the country and to promote digital payments.
Israeli law enforcement announced today that it is imposing new restrictions on cash transactions in an effort to deter criminal activity in the country and encourage digital payments. All digital payment methods, including cryptocurrencies , will be promoted.
Restricting the use of cash to track the flow of money
As a reminder, this measure previously taken by Israel was enacted to more easily track tax evasion, black market activities and money laundering .
Crypto phenomenon Lark Davis said:
“Israel will ban cash payments above $4,400 starting today! This decision; means you can no longer pay cash for cars, luxury bags or any other high-priced item”
