Australian government to track $100 notes with nano-chips as cashless society looms
he Australian government plans to crack down on the ‘black economy’ by implanting $100 and $50 notes with hi-tech nano-chips so they can be surveilled.
No this isn’t a futuristic Hollywood movie, this is Australia in 2017.
With around 300 million $100 notes in circulation carrying out such a task seems almost impossible to derive any value, let alone a waste of time and tax payer money.
Especially at a time when Australia’s household debt-to-income is at an all time high.
Nevertheless Michael Andrew, the man appointed by the Federal government to lead the ‘Black Economy Taskforce’ at the end of 2016 believes tracking the currency denomination is the best solution in stopping unwanted transactions from taking place and people avoiding paying tax.