Australia excludes digital currencies from new restrictions on cash payments

• The Australian government wants to exclude digital currencies from new restrictions draft bill on cash payments.
• Their intentions are to ban cash payments for goods and services which exceeded 10,000 AUD.  

Australia’s government has produced supportive statements and documentation on cryptocurrency. They are keen to exclude the sector from new restrictions on cash payments.  

The country’s Treasury in an explanatory memorandum recently detailed, it wished to ban cash payments for goods and services which exceeded 10,000 AUD. However, there would be some exclusions that would apply, including transactions in the involvement of what it describes as digital currencies.  

The memorandum stated:

Digital currency is a new and developing area in the Australian economy. Unlike physical currency, it does not have a firmly established regulatory framework or industry structure. This makes it difficult to apply the cash payment limit in a way that would not largely prevent the use of digital currency in Australia or significantly stifle innovation in the sector.