Australia’s Treasure excludes cryptocurrency in proposed limit on cash payments

• The government would like to see the cryptos in Australia stay within the local economy.
• Treasury also acknowledges that cryptocurrency is a marginal contributor to the local economy.

The government of Australia has stood in support of digital currencies and would like to have the assets excluded from the new restrictions to be imposed on cash payments. According to a memorandum sent out by Australia’s Treasury, there will be a ban on cash payments for good and services costing over 10,000 AUD ($6,900).

The proposal, however, has some exclusions that touch on digital currencies. The government would like to see the cryptos in Australia stay within the local economy. This way the Australian government will be supporting within the sector. A section of 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….