The Department of Treasury of Australia released a new group of guidelines for the amount of traditional currency payments. The draft suggests that there should be a payment limit of AUD 10 thousand for goods and services. If the amount of money surpasses this limit than the transaction needs to take place through electronic payment systems.
This notion was proposed last year by the Black Economy Taskforce which stated that restricting payment transactions would considerably decrease illegal activities and tax evasion.
However, the draft also contained certain exceptions under which the payments aren’t subject to the new guidelines. The list contains private payments, payments that are required to be reported, payments that involve keeping or collecting the cash and payments that include digital currency.
It is interesting that crypto coins are not to be closely regulated in Australia like in most other countries. Since crypto payments are required for reporting crypto coins fall under the exceptions category.
The Department of Treasury stated that crypto coins are an evolving market in the country and do not have a determined set of rules to follow. This is why applying the guidelines to cryptocurrency would be hard.
Meanwhile, in Australia crypto coins are not generally used to enable black economy. Due to this, the authorities made the decision to keep cryptocurrency out of these regulations.
The post AUSTRALIA REGULATES CASH BUT NOT CRYPTO appeared first on Bitcoin News.
from Bitcoin News https://www.cryptocynews.com/australia-regulate-crypto/
via Bitcoin News
via Bitcoin News Today
No comments:
Post a Comment