Could ScoMo’s cash ban be just what cryptocurrencies want?

THE Australian Government’s crackdown on large cash payments has inadvertently given a huge leg-up to cryptocurrencies.

The Australian Government has made big cash payments illegal, but is it just giving a free kick to cryptocurrencies such as Bitcoin?

In Tuesday’s Budget, Treasurer Scott Morrison announced a crackdown on the “black economy”, and a ban on cash payments was the centrepiece. From July 1, 2019, any business transaction over $10,000 has to be done using electronic payments. Handing over a hundred $100 notes or more will be illegal, as the government tries to flush out tax avoiders, drug dealers and the rest of the underground economy.

Bitcoiners and other cryptocurrency fans predicted this, and the government is playing into their greedy little hands.

GRINDING ON UP

Bitcoin surged to $US20,000 last year and then quickly plunged back down to about $6700. Many thought it would continue back down close to zero.

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Source: Bitcoin: Federal Budget 2018 cash ban to affect cryptocurrencies