Australian Draft Bill Excludes Digital Currency From New Cash Payment Limit

Australia’s government has delivered supportive statements on cryptocurrency as it looks to exclude the sector from new restrictions on cash payments.

In an explanatory memorandum issued late last week, the country’s treasury said it wished to ban cash payments for goods and services which exceeded 10,000 AUD ($6,900).

However, a number of exclusions would apply, including transactions involving what it describes as digital currencies.

The reason, lawmakers state, is in order to prevent the disappearance of such currencies from the local economy, which in turn would lead to a block on freedom to innovate. The memorandum reads:

“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…