In a bill of Australian Department of Finance are offered limits on cash payments, exceeding $10 000. Wherein, the limit won`t affect payments in cryptocurrency, as bitcoin doubler 2x has found out.
Australian Department of Finance has issued the new set of guidelines, regulating cash payments size. The bill offers “the limit in the amount of $10 000 for payments, made or accepted by enterprises for goods or services”.
In the project is also mentioned that “transactions, which are equal or exceeding this sum, must be done with the usage of the electronic payment system or by a check”. Wherein, the bill`s section 9 ensures greater clarity concerning digital payments, and also provides details of their exemption from the proposed restriction. According to the document, released by the Department of Finance:
“Digital currency is a new and developing direction in Australian economy. Unlike physical currency, it doesn`t have a clearly established regulatory framework or branch structure. This makes more difficult the application of cash payments limit in such a way, that won`t greatly hinder the usage of digital currency in Australia or significantly suppress innovations in the sector”.
According to the document, cryptocurrency usage in Australia for promoting grey economy is insufficiently confirmed. Taking this into account, the government decided to withdraw cryptocurrencies from the limit for cash payments.
This position will stay under constant control in order to guarantee that the exemption from payments in digital currency is still relevant in the light of current cryptocurrency usage in Australian economy.
On the website of the Department of Finance is said that the bill “has been published for public consultations”, and the government plans to introduce the limit for cash payments since 1st January, 2020.