RATE Group | Australia Spares Crypto in AUD $10,000 Cash Limit Draft Squeeze
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Australia Spares Crypto in AUD $10,000 Cash Limit Draft Squeeze

29 Jul Australia Spares Crypto in AUD $10,000 Cash Limit Draft Squeeze

Posted at 23:32h in Cryptocurrency News by

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A draft legislation in Australia is seeking to prohibit the use of cash in making transactions for amounts exceeding $AUD10,000 ($6,900) has spared cryptocurrencies. The goal of imposing the cash payment limit is to prevent tax evasion, money laundering and other illicit activities.

Among the reasons the Australian government has given regarding the decision to exclude crypto from the cash payment limit includes the fact that little evidence has been found showing the use of cryptocurrency in ‘black economy activities’.

Additionally, the Australian government has said that imposing the cash payment limit on crypto may stifle invocation in the digital currency space or discourage the use of crypto in the country. However, this could change in the future with…

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