An example of a cash-based society is Italy, where many individuals and small to medium-sized enterprises conduct their financial affairs in physical currency. As a result, an estimated €100 billion in unpaid taxes is lost by the Italian government every year. Also, the use of cash incurs a further €10 billion cost annually from the increased security and labour needed to process cash transactions. In a bid to bolster its struggling finances, the Italian government banned cash payments of over €1,000 in December 2011.105 Other countries have also followed suit. Spain, for example, has prohibited cash transactions over €2,500 between professional businessmen.