Australia is in the process of introducing a “Cash Ban Law” which will pave the way for negative interest rates and seriously reduce our civil liberties.
This law will introduce an economy-wide payment limit (likely includes cryptocurrency transactions) of $10,000 for payments made or accepted by businesses for goods and services. Penalty: Imprisonment for 2 years or...
The structure of this proposed bill makes reducing the cash limit in the future to $2000 and then phasing out entirely the use of cash and "digital currencies" easy.
Does anyone have knowledge or a legal opinion as to how this proposed law will affect people paying for Australian Goods and Services using cryptocurrency?
****REFERENCES BELOW****
YOUTUBE
https://www.youtube.com/watch?v=S11eJ_FObBk
AUSTRALIAN GOVERNMENT LEGISLATION
Currency (Restrictions on the Use of Cash) Bill 2019
https://www.treasury.gov.au/consultation/c2019-t395788
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Making a submission
On 19 September 2019, the Senate referred the provisions of the Currency (Restrictions on the Use of Cash) Bill 2019 [Provisions] to the Economics Legislation Committee for inquiry and report by 7 February 2020.
***Submissions close 15 November 2019.**\*
https://www.aph.gov.au/Parliamentary_Business/Committees/Senate/Economics/CurrencyCashBill2019
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Will Cryptocurrencies be defined as “digital currency”?
6 Definitions 6 In this Act: 7 cash means either or both of the following: 8 (a) digital currency; 9 (b) physical currency. 10 cash payment limit: see section 7. 11 digital currency has the meaning given by the Anti-Money 12 Laundering and Counter-Terrorism Financing Act 2006.
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And the above "digital currency" Definitions under the
Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006
https://www.legislation.gov.au/Details/C2019C00011
digital currency means:
(a) a digital representation of value that:
(i) functions as a medium of exchange, a store of economic value, or a unit of account; and
(ii) is not issued by or under the authority of a government body; and
(iii) is interchangeable with money (including through the crediting of an account) and may be used as consideration for the supply of goods or services; and
(iv) is generally available to members of the public without any restriction on its use as consideration; or
(b) a means of exchange or digital process or crediting declared to be digital currency by the AML/CTF Rules;
but does not include any right or thing that, under the AML/CTF Rules, is taken not to be digital currency for the purposes of this Act.
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