How will the new cash cap law affect crypto trading in Australia? | Micky

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On July 1, 2019, the ban on large cash purchases announced by the Australian government goes into effect. How will it impact crypto trading in the country?

An interesting report about how government laws relating to large cash transactions may boost the appeal and adoption of cryptocurrency in Australia. There are pluses and minuses in this.

Australian crypto exchanges all have KYC and government reporting requirements anyway, so the changes may not have a big impact. I presume that alot of cash transactions of this size would generally be done for tax avoidance reasons.

One thing is for sure, if the government can figure out how to close loopholes and line their pockets with more tax, they will.

Thanks for reading and have a great day everyone.

John.


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They can ask the Netherlands how they do it. It is no fun to buy and sell over here. And there are costs over costs.
I do not believe it will ever be populair over here. Still the only thing I can buy with bitcoin is cannabis online.
Changing euro into bitcoin already costs me extra. Just the seller has benefit of it, he gets payed anonymous.

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Generally speaking Australia is on of the least anti crypto countries as far as I can tell. We have some easy fiat to crypto options although the other way can be slow. State and federal governments actively looking at various blockchain options. The main concern seems to be anti money laundering/KYC, and of course tax.

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Then you are lucky.
The main concern of the government here is they can not lay hands on the money (you already payed tax over) you invest and might earn a cent over (taxes again). They control everything including your bankaccount and savings.

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