As of December 1st, Italy could become the first member of the Group of Eight (G8) most industrialized nations to build a cashless society, where the government will know everything about you, with the hope to get rid of the underground economy.
“We will start to incentivize the use of digital payments, make this system fast, more transparent and easy to trace in order to recoup the underground and illicit economy,” Italian Premier Giuseppe Conte told journalists during his recent visit in Beirut. “Our plan will hopefully focus on discouraging all payments in black. Therefore we will achieve our main objective, to pay everyone but pay less.”
The day before leaving for Lebanon, Italian Premier met with the main payment service providers in Italy, including the largest credit cards, banks, and postal services. At the meeting, Conte solicited the technological adaptation necessary to start the Cashless plan from December 1st.
The operations will be reported through the PagoPa platform, but other platforms, such as banking, will also be involved. The captured information will then be transferred to the Italian Revenue Agency the equivalent of our IRS.