In brief - A wind of change for the regulation of digital
currencies may soon arrive
Australian Treasury recently consulted
on a regulatory framework to effectively make mandatory electronic
payments or payment by cheque for transactions exceeding
AUD$10,000. This follows a recommendation in the Black Economy
Taskforce's
final report that the Government introduce a $10,000 cash
payment limit for transactions between businesses and individuals.
If the Currency (Restrictions on the use of cash) Bill
2019 becomes law, the cash payment limit will start on 1
January 2020 and for certain AUSTRAC reporting entities from 1
January 2021.
In the 2018-19 Budget, the Government stated that it would
introduce an economy-wide cash payment limit of $10,000 for
payments made or accepted by businesses for goods and
services. Transactions equal to, or in excess of this amount would
need to be made using the electronic payment system or by cheque.
If the new law is implemented:
