A Bill Australian lawmakers’ proposal to ban the use of cash for transactions over $ 10,000 has been killed by a unanimous vote in the Senate.
One Nation Senator Malcolm Roberts today filed the motion to remove the bill after more than a year of sharp opposition to it from a cross-section of the community, including cryptocurrency advocates. Many saw it as an infringement of Australians’ rights and freedom to use cash and to protect the privacy of their transactions. Early drafts of the bill included digital currencies as subject to the proposed limits.
Introduced in federal parliament last September, the bill would have introduced fines of up to $ 25,000 or imprisonment for people or entities who have made or accepted payments in excess of five figures. Senator Roberts said the bill would allow the use of legal tender for everyday Australians as well claimed that “the bill was never about tackling crime or money laundering.”
“Even the government’s own committee of inquiry said the bill was out of step with Australian values and was completely impractical.”
While many hailed the bill’s end as a major victory, Nuggets News founder and long-standing opponent CEO Alex Saunders suggested the battle had only just begun:
The ill-considered and hasty attempts to ban cash by the powers that be present were received with great disdain from the people. This time the little guy can win. But they will undoubtedly return. #CashBan #WarOnCash #auspol #ausecon #ausbiz https://t.co/FGUrFWQlmv
– Alex Saunders (@AlexSaundersAU) December 3, 2020
Before the bill even reached federal parliament, more than 7,000 individuals and business owners signed a petition against the bill. Saunders told Cointelegraph that Nuggets News had campaigned against it and that a large number of people had called their local politicians to voice their opposition to it.
He said the amount of pushback shows “how passionate people are about agency, privacy, and money.” This philosophy, he explained, “overlaps strongly with crypto.”
“If crypto were ever banned, it shows how people would protest against it, both online and in person.”
When the bill was first introduced, certain concepts including digital currency within the proposed limits. In mid-July, a memorandum was added ultimately excluding digital currencies from the account:
“There is currently little evidence that digital currency is currently being used in Australia to facilitate operations in the black economy.”
On December 3, US lawmakers introduced a new bill that aims to regulate Stablecoins called the Stalwet. If passed, any service provided in relation to these types of cryptocurrencies would become illegal without first getting approval from multiple government agencies