The government of the Liberal party of Australia has announced that next year, starting in June, to buy anything in cash over $ 10,000 is illegal. The government stated that “encourages the transition to a digital society” (read: crypto) and prevents tax evasion. Of course, not everyone is happy about this development, but what are the prospects for crypt it promises, just think.
“This is bad news for criminal gangs, terrorists and those who are simply trying to evade tax or assists another to escape,” said Treasurer Scott Morrison. “It is unreasonable, not good, it is a crime”.
The ban will take effect July 1, 2019, and any payments of more than $ 10,000 USD will be by check or debit/credit card. The goal is to increase tax revenues over the next four years to 3 billion US dollars.
According to The Guardian, one of the biggest goals for a new agenda will be the illicit tobacco trade. In Australia the largest tax on cigarettes in the world, with a pack on average costs $ 40. But there is a huge black market of cigarettes. Cigarette taxes are not paid until sold, so the “theft” of tobacco warehouses unusually common in Australia.
We Australians have a strange relationship with cash — in the sense that they (and we) still use it. Approximately 37% of all commercial transactions in Australia is performed using cash. This number is only 32% in USA and 15% in Sweden. Refusal to cash large denomination must complicate the operation of illegal cash — in India, for example, in November 2016 abolished in denominations of 500 and 1000 rupees.
There are regional quirks that make the Australian government to deal with cash. For example, it is almost impossible to find 100-dollar bills in circulation in Australia. The reserve Bank of Australia still prints “weave”, where do they go? Rare 100 dollar bills is that they go abroad as the preferred method of payment in criminal environments.
The ban on the purchase for cash more than $ 10 000 (about 600 000) may not seem particularly problematic for the average person, but many small businesses were expected upset.
You can also expect that as the withdrawal of governments from cash over the next decade of the crypto anarchists will increasingly choose cryptocurrency like Bitcoin and Ethereum, and wishing to launder money or to evade payment of taxes will benefit their closed counterparts like Dash.
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