Cryptocurrency in the cash payment limit of $10,000 as per Australian’s bill?

As per the site TheCoinRepublic, the Australian government has made an announcement in the 2018-2019 budgets, that it would soon introduce a cash payment nationwide with the limit of $10,000 which will be accepted by the businesses for the goods and services or for the payments made. Transaction of minimum $10,000 or more than that would take place through electronic media. The bill got published on 26th July.

This measure is purposed to tackle the issues of tax evasion and other illegal activities. But what about cryptocurrency? If we treat crypto transactions like the cash payments, the limit of $10,000 could create the ability to move cryptocurrency for the industry without unintentionally dwindling afoul of the laws. Bill reveals that people have the concern about this issue, mainly about the statement of the bill that even being electronic, cryptocurrencies are more of the same kind to cash payments.

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This is very interesting as crypto is at the exact intersection of the law: It could either be considered cash or an “electronic media”. If crypto ends up leaning towards the cash interpretation, I suppose this $10k cash limit would help broaden the use of crypto as you very well pointed out and would be positive for the industry in the long term.

That was back in 2019. Did they pass that law?