The Liberal Party of Australia recently proposed a draft bill clarifying that purchases of over 10,000 Australian dollars (around $6,750) in cash would not be legal. According to the government, this step will dissuade tax evasion and encourage a transition to a cashless society. According to the document, transactions equal to or exceeding the stated amount should be carried out using an electronic payment system or by checks. Those payments also must be reported by an entity under Anti-Money Laundering (AML) and counter-terrorism legislation. In this case, cryptocurrencies are considered as “payments that the ... (full story)