Australia continues to move towards the digital society, as announced a ban on the purchase in cash of more than 10,000 Australian dollars, it will enter into force in June 2019.
Recently the Liberal party of Australia announced that the purchase of more than 10 000 Australian dollars, or $ 7,500 U.S. dollars, will soon become illegal. According to the government, this step will not allow you to evade taxes and encourages the transition to a digital society, according to Coingape.
The ban on the purchase of cash worth more than $ 7500 will begin to operate on 1 July 2019. To comply with this Directive, the government will allocate about $ 300 million due over the next four years will get a tax receipt in the amount of approximately $ 3 billion.
Currently, the percentage of commercial transactions of Australia with the use of cash is about 37%. For comparison, in Sweden and the U.S. these figures do not exceed 15% and 32%.
From 2019 the government will formally start a war with cash money:
“From 1 July 2019 the government imposes a limit for companies to $ 10,000 AUD cash payments for goods and services. In the near future the government will issue guidance on implementation of this measure.”
But clarification on the measures taken:
“Currently, a large undocumented cash payments can be used to evade taxes or launder money obtained through criminal activities. In the introduction of a threshold for transactions, payments will be done through electronic payment system or issuing checks”.
Cryptocurrency will replace cash
This step, of course, was good news for the cryptocurrency market as a cashless society will encourage companies and individuals to turn to bitcoin.
The ban will not be a big problem for individuals, but will affect a number of small businesses that deal with cash. One of the Australian business community is already worried about the situation:
“For me, this crackdown, as 95% of my business is conducted with cash”.
To a greater extent the law will affect criminals and their illegal activities, said Treasurer Scott Morrison:
“This is definitely bad news for criminal gangs, terrorists and those who are just trying to save on taxes. This is wrong. It is a crime”.
Ultimately, this decision will lead to the displacement of cash and the introduction of advanced currencies, such as bitcoin, Ethereum and others.