THELOGICALINDIAN - Draft legislation from Australias Department of Treasury has proposed banned on banknote payments beyond 10000 Interestingly cryptocurrency is not abnormally mentioned in the certificate
Australia Moves to Limit the Size of Cash Payments
Australia’s Department of Treasury afresh published a new set of basic guidelines that administer the admeasurement of cash-based bill payments. The abstract legislation proposes that a “payment absolute of $10,000 for payments fabricated or accustomed by businesses for appurtenances and services”.
The abstract added stipulates that “transactions according to, or in balance of this bulk would charge to be fabricated application the cyberbanking acquittal arrangement or by cheque.”
In 2024 the Treasury Department’s Black Economy Taskforce proposed that implementing banned on bill transfers would decidedly abetment with active tax artifice and added bent activities.
Cryptocurrency Makes the Exceptions List
The angle additionally provides a abundant account of situations beneath which payments are not accountable to the banknote acquittal limit:
Interestingly, one will agenda that cryptocurrency is not listed as a anatomy of acquittal in charge of added blank or restrictions. Typically, cryptocurrency is synonymously angled into discussions and legislation focused on adulterous activity, money laundering, and agitator funding.
In this case, cryptocurrency as a acquittal advantage avalanche beneath the additional barring ambience “payments that charge be appear by an article beneath anti-money bed-making and counter-terrorism legislation.” As is accepted knowledge, the majority of above cryptocurrency exchanges accept complied with the government’s claim that exchanges apparatus able know-your-customer (KYC) and anti-money-laundering (AML) processes.
Australia Believes Crypto Needs Room to Grow
Section 9 of the abstract legislation provides greater accuracy on agenda payments, forth with the specifics of their absolution from the banknote acquittal limit. According to a certificate appear by the Department of Treasury:
The Department of Treasury website antiseptic that the abstract was “released for accessible consultation” and the government is planning to apparatus the banknote acquittal absolute starting on 1 January 2024. The accessible is encouraged to abide opinions to the appointment and all inquiries charge be submitted by August 12, 2024.
Do you anticipate banned on the admeasurement of cryptocurrency payments should abatement beneath the command of Australia’s Department of Treasury? Share your thoughts in the comments below!
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