NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Government Restrictions on Cash Transactions Show Why Bitcoin is Important

Rick Delafont
Rick Delafont
1 year ago
2 mins read
New Australia Online Casinos

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

The government of Australia wants to ban cash payments for goods and services exceeding 10,000 AUD ($6,900). Interestingly, it excludes digital currency, such as Bitcoin, from the restrictions, arguing that if the regulations cover crypto assets, they would also limit innovation.

Although Bitcoin is excluded from the proposed ban, such restrictions make the case for the permissionless digital asset even stronger. They exist in many countries around the world too.

The Case for Bitcoin: A Restriction on Cash Transactions is a Restriction on Freedom

Last week, Australia’s treasury stated in a memorandum that it plans to ban cash payments over 10,000 AUD. This would mean that all major purchases must be first authorised by a bank.

Australia would join several others countries that have similar restrictions on cash transactions. Cryptocurrency analysis firm CryptoRand highlighted this earlier today via Twitter.

Cash transaction limits by governments:

– Australia: $10K
– Spain: $2,5K
– France: $1K
– Italy: $1K
– Portugal: $1K
– Greece: $1,5K

If they control the money, they control you.

They can't control #Bitcoin.

— Crypto Rand (@crypto_rand) July 29, 2019

The precise figure of some of the limits stated in the above Tweet were brought into question. For example, one person responding stated that Italy’s figure is actually 3,000 euros.

Realistically, it makes little difference the exact figure of the limit. The fact that the government, supposedly a servant of the people, has control over your spending at all as a citizen should be considered an attack on individual liberty.

Such government policies highlight why the creation of an asset class such like Bitcoin is important. Being a completely permissionless system, it requires no central authority to issue and the user can transact as much as they like across the network without restriction.

Australia Not Planning to Attempt to Police Crypto Transactions

Interestingly, the Australian government says that it has no plans to try to enforce such a ban on cryptocurrency payments. The stated reasoning behind the exclusion of cryptocurrency is that the only way to go about limiting digital payments made using Bitcoin and other digital assets would be to come down hard on the entire industry. This is something the Australian government is reluctant to do given the innovative potential of the space.

The memorandum reads:

“Digital currency is a new and developing area in the Australian economy. Unlike physical currency, it does not have a firmly established regulatory framework or industry structure. This makes it difficult to apply the cash payment limit in a way that would not largely prevent the use of digital currency in Australia or significantly stifle innovation in the sector.”

Fiat currency is much easier to control since most people keep it in a bank account and the government can simply instruct the banks to no longer allow withdrawals over a given threshold. With cryptocurrency, the government would have no way of imposing limits and would have to clampdown on the entire space. Whether this would be successful or not is another story, however.

Related Reading: Australian Woman Travels to Ten Countries in 12 Weeks on Cryptocurrency Alone

Featured Image from Shutterstock.
Tweet123Share196ShareSend
Rick Delafont
Rick Delafont

Rick Delafont

Based in Europe, Rick has written about the cryptocurrency industry since 2016. He was first drawn to Bitcoin as a means of payment but quickly became fascinated by its wider potential implications. His interests lie in the political, economic, and social impact of the unfolding digital asset revolution.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

buy bitcoin Arthur Hayes

Buy Bitcoin Before Jackson Hole—Or Regret It Forever, Says Arthur Hayes

Arthur Hayes has published a new essay, “Quid Pro Stablecoin,” arguing that the United States’ sudden political enthusiasm for bank-issued...

Jake Simmons 8 hours ago

Ethereum Stagna: I Dati On-Chain Mostrano Accumulo da Parte delle Whale

Ethereum continua a mostrare un movimento di prezzo limitato verso l’alto, nonostante i guadagni registrati la scorsa settimana. Negli ultimi...

clararosati 8 hours ago
Bitcoin Moves Up, Dogecoin Surges Above Key $0.17 Mark; Token6900 Set to Explode

Bitcoin Moves Up, Dogecoin Surges Above Key $0.17 Mark; Token6900 Set to Explode

Bitcoin climbed above $109K, triggering a surge across the markets: Ethereum ($ETH) – up 4.65% XRP ($XRP) – up 3.86%...

Aaron Walker 8 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Bitcoin

TD9 Setup On Bitcoin Price Chart Suggests It Could Take 4 Years To Reach $149,000 — Details

Scott Matherson 1 hour ago
Dogecoin price news

Dogecoin’s Quiet Setup Could Detonate Shorty, Says Analyst—Here’s The Target

Jake Simmons 4 hours ago
Bitcoin

The Silent Bitcoin Accumulation: Public Companies’ Surprising H1 2025 Lead

Christian Encila 7 hours ago

Premium Sponsors

Press Releases

  • The smartest way to make money in 2025: Invest in cloud...

    5 hours ago
  • 仮想通貨プレセール注目|ビットコイン、2025年第3・第4四半期が最良期と予測

    ...

    5 hours ago
  • Bitcoin vs. Gold: Which Is the Best Investment In 2025?

    6 hours ago
  • Profit of $5,735, senior trader uses Ripple (XRP) to open...

    6 hours ago
  • 仮想通貨おすすめ|SPX6900のように急成長が期待される最新ミームコインプレセール

    ...

    7 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.