Australia excludes digital currencies from new restrictions on cash payments
|- The Australian government wants to exclude digital currencies from new restrictions draft bill on cash payments.
- Their intentions are to ban cash payments for goods and services which exceeded 10,000 AUD.
Australia’s government has produced supportive statements and documentation on cryptocurrency. They are keen to exclude the sector from new restrictions on cash payments.
The country’s Treasury in an explanatory memorandum recently detailed, it wished to ban cash payments for goods and services which exceeded 10,000 AUD. However, there would be some exclusions that would apply, including transactions in the involvement of what it describes as digital currencies.
The memorandum stated:
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 cash payment limit in a way that would not largely prevent the use of digital currency in Australia or significantly stifle innovation in the sector.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.