Australia seeks to impose restrictions on cash payments, leaves out cryptocurrencies

The Department of Treasury in Australia has put forth draft legislation that applies restrictions on cash payments. Possibly for the first time, cash payments have taken a backseat to cryptocurrencies. The element of surprise is that the cryptocurrencies are exempted from the limits. The Australian Department of Treasury has established a fresh set of guidelines that govern the cash payment limits. According to the guidelines, no cash transactions must amount to more than ten thousand dollars ($10,000) when trading goods or services. The draft bill further specifies that transactions exceeding this amount must be carried out electronically or via cheque.