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8125+ Sign Petition Against Drafted Cash Restrictions in Australia

8125+ Sign Petition Against Drafted Cash Restrictions in Australia

More than 7,000 people have signed a new petition against drafted cash restrictions in Australia, different drafts of which include and exclude digital currencies from proposed limits.

Earlier this week, Robert Barwick, director at the Citizens Electoral Council of Australia, initiated a petition against the proposed “Currency (Restrictions on the Use of Cash) Bill 2019” recently introduced as an explanatory draft by Australia’s parliament. The drafted bill specifically proposes banning cash transactions over 10,000 AUD ($6,900), including transactions involving digital currencies.

Worth noting is that an explanatory memorandum to the draft issued in mid-July proposed an exception:

“There is little current evidence that digital currency is presently being used in Australia to facilitate black economy activities. Given this, the Government has decided at the present time to effectively carve digital currency out from the cash payment limit.”

The new version of the draft is thus contradicting these earlier supportive statements on digital currency. The draft reads: “cash means either or both of the following: (a) digital currency; (b) physical currency.”

The Australian Tax Office recently issued warning letters to 18,000 Self Managed Super Funds for concentrating too much investment in one asset class. Under Australian law it is illegal to invest more than 90% of retirement funds in a single class, such as property or cryptocurrency.