Bitcoin Could Badly Spoil Australia’s Cash Payment Crackdown Plan

By CCN: Bitcoin is a lousy tool to launder million and billions worth of cash. But the same cannot be said about a mere $6,989, as not noted by Malcolm Turnbull. The former Australian Prime Minister led his office to launch a crackdown on cash-in-hand payments. The liberal government in May 2018 proposed to modify the anti-money laundering bill with a cash spending threshold of A$10,000, a U.S. dollar equivalent of $6,989. They argued that a dollar-value cap would limit the “opportunities to under-report income, charge lower prices, and underpay GST,” adding that the crackdown would eventually raise “billions of

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