Italy beefs up the cashless control grid by outlawing cash transactions of over €50 from its relatively recent €1000 limit. In other words every electronic transaction that you make in Italy over e50 will be accounted for by the Italian Government.
How long will it be before this will spread to the rest of Europe?
You won’t even be able to fill up your car without a credit or debit card in Italy beginning in 2013, as the Italian Council of Ministers has voted to increase the current capital controls banning the use of cash on transactions over €1,000, down to any transaction over €50!
As we stated when Italy first announced capital controls and caps on cash transactions several months ago, expect bans on cash transactions to be coming to a neighborhood near you in the next 2-3 years.'
Italian Prime Minister
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