RATE Group | Government Restrictions on Cash Transactions Show Why Bitcoin is Important
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Government Restrictions on Cash Transactions Show Why Bitcoin is Important

30 Jul Government Restrictions on Cash Transactions Show Why Bitcoin is Important

Posted at 02:41h in Bitcoin News by

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The government of Australia wants to ban cash payments for goods and services exceeding 10,000 AUD ($6,900). Interestingly, it excludes digital currency, such as Bitcoin, from the restrictions, arguing that if the regulations cover crypto assets, they would also limit innovation.

Although Bitcoin is excluded from the proposed ban, such restrictions make the case for the permissionless digital asset even stronger. They exist in many countries around the world too.

The Case for Bitcoin: A Restriction on Cash Transactions is a Restriction on Freedom

Last week, Australia’s treasury stated in a memorandum that it plans to ban cash payments over 10,000 AUD. This would mean that all major purchases must be first authorised by a bank.

Australia would join several others countries that have similar restrictions on cash transactions. Cryptocurrency analysis firm CryptoRand highlighted this earlier today via Twitter.

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