Bitcoin

The Australian Senate voted against the bill banning the use of cash in transactions over $ 10,000

A bill from the Australian legislature too The ban on using cash in transactions over $ 10,000 was lifted by a unanimous vote in the Senate.

Senator from a nation Malcolm Roberts, presented the application Delete invoice today after more than a year of sharp opposition by a representative part of the community, including proponents of cryptocurrency. Many saw it as a Violating the rights and freedom of Australians to use cash and protect the privacy of their transactions. Early bills included digital currencies subject to the proposed limits.

Submitted to the Bundestag in September last year, The bill would have introduced fines of up to $ 25,000 or jail time for persons or organizations who make or accept payments with a value of more than five digits. Senator Roberts said that The bill would have criminalized the use of legal tender for Australians and explained that “The bill was never about combating crime or money laundering.”.

“Even the government investigative committee said the bill was inconsistent with Australian values ​​and was completely impractical.”

The Australian Senate voted against the bill banning the use of cash in transactions over $ 10,000
The Australian Senate voted against the bill banning the use of cash in transactions over $ 10,000

Although many hailed the end of the bill as a great victory, Nuggets News founder and CEO of his longtime adversary Alex Saunders, He suggested that the battle was just beginning::

Before the bill reached the Bundestag, More than 7,000 individuals and business owners had signed a petition against him. Saunders told Cointelegraph that Nuggets News fought him and that Large numbers of people had called their local politicians to express their opposition.

Said the rejection amount shows “How passionate people are about freedom of choice, privacy and money”. This philosophy, he explained, “largely overlaps with cryptocurrencies.”

“If cryptocurrencies were ever banned, it would show how people would protest both online and in person.”

When the bill was first introduced, Certain designs included digital currencies within the proposed limits. Mid-July added a memorandum that eventually excluded digital currencies from the bill::

“At the moment there is little evidence that any digital currency is currently being used in Australia to encourage the development of black economy activities.”

December 3rd US lawmakers introduced a new bill to regulate stable coins, named Stable law. If approved, Any service provided in connection with this type of cryptocurrency becomes illegal without first obtaining approval from multiple government agencies.

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