Australia Restricts Cash Transactions Above $10k, Will Residents Resort To The Use Of Bitcoins?

The government of Australia has released a statement in which it plans to put restrictions on the country’s currency. This semi-conclusive statement draft which is still open to public scrutiny and suggestions will eventually take effect from 1st of January 2020.

According to the report,

The Government has today released for public consultation exposure draft legislation and accompanying explanatory material to implement the economy-wide cash payment limit from 1 January 2020 and for certain AUSTRAC reporting entities from 1 January 2021.

Submissions to the consultation are open until Monday 12 August 2019

The government had recently, in their 2018/19 Budget, had announced it would begin an economy-wide cash payment limit of $10,000 for payments involving businesses for goods and services.

Transactions that amount to, or exceed $10,000 would need to be made using the electronic payment system or by cheque. The Black Economy Taskforce suggested this action to tackle tax evasion and other illicit financial misconduct.

Australia’s Bias Towards Bitcoin

Owing to the fact that Australia has been neutral on the bias of cryptocurrency, this leaves residents to consider the options of using Bitcoin which would allow for money transferred in larger quantities, faster time and little charges.

Australia allows citizens to use cryptocurrencies at will and this does not exclude bitcoin. The use of digital means as stated out in the bill most definitely involves the Bitcoin alternative for transactions more than $10,000.

Good Times For Cryptocurrencies

As residents begin to anticipate the implementation of this policy, there might be good times inbound for bitcoin in the country which might, in turn, affect the whole cryptocurrency space positively in general.

Cryptocurrencies, especially Bitcoin has made the headlines severally among issues of national concern. While many countries now consider digital alternatives to fiat, bitcoin, apart from national cryptocurrencies and stable coins which are fast developing too, is one the most readily available options.

Bitcoin has recently seen didactic price actions recently which has kept its price below the $9500 mark. Now trading at $9,549 many still believe in Bitcoin as a store of value and convenient medium of exchange.

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