Australian politicians have proposed a new draft law. In this proposal, the goal is to reduce the transaction limit for cash payments.
This is clearly another big step toward banning the use of cash in the country.
Australia Wants to ban Cash (Again)
Australia is one of the many regions looking to become cashless in the very near future.
This new proposal by the Federal Government illustrates that train of thought perfectly.
Giving banks even more control over people’s money is not a favorable outcome, however.
Another aspect of this proposal is how anyone surpassing the AU$10,000 limit for cash payments can be sent to jail for up to two years.
One main appeal of cash money is how people can spend it as they see fit.
When the government decides to introduce artificial limits on that spending, a problematic situation occurs.
Initially, the goal was to impose these limits in Australia as of January 1.
That plan was scrapped at the last minute, as the Australian Senate will look into this matter more closely.
Numerous members of the public have raised objections regarding this proposal.
For now, it remains to be seen what will come of this idea and whether it will ever be implemented.