Why Crypto Currency is so important!
The government of Australia plans to set up a Black Economy Standing Taskforce that aims to reduce the weight of illegal economic activity in the country.
To this end, the commission is introducing an economy-wide cash payment limit of A$10,000 to businesses. The public authorities’ intentions may be confronted with a rush towards cryptocurrencies as many Australians won’t take these newly added controls lightly.
Australian Government May Trigger Rush to Bitcoin Amid Ban on $10,000 Cash Payments
At the announcement of the Black Economy Standing Taskforce, Australia’s government Treasurer Scott Morrison explained that the commission is preparing a rigorous identification system and mobile strike teams in order to better detect illegal cash transactions. Additionally, the task force will establish a black economy hotline for people to denounce suspicious cash transactions..