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.