(BlockBar) Last week, the Australian Treasury said in a memo that it planned to ban cash payments above a $10,000. This would mean that all big purchases would first have to be authorized by a bank.
Australia will join several other countries that have similar restrictions on cash transactions. CryptoRand, a crypto-currency analysis company, highlighted this earlier today via Twitter.
Interestingly, the Australian government says it has no plans to impose such a ban on cryptocurrency payments. The reason for excluding cryptocurrencies is that the only way to limit digital payment by bitcoin and other digital assets is to crack down on the industry as a whole. Given the potential for innovation in the sector, the government is reluctant to do so.
“Digital currency is a new and developing area in the Australian economy. Unlike physical currency, It does not have a firmly established regulatory framework or industry structure. This makes it difficult to apply the limit of cash payment in a way that would not largely prevent the use of digital Currency in Australia or significantly stifle innovation in the sector.”
Australia’s regulatory stance on cryptocurrencies has been mixed, according to previous reports. This year, it emerged that Australian authorities would go after individual crypto holder for tax purposes and demand access to encrypted exchanges’ user data.
If approved, Australia will impose a $10,000 cash limit on January 1, 2020. Germany is also said to be considering raising the maximum legal cash payment from 10,000 euros ($1,120) to 2,000 euros ($2,220) from January 10, 2020.
Weekend is the most representative female writer in the blockchain industry. She is known for her keen news capture ability and is good at English writing of blockchain news in the Chinese region.