Australian Treasury's new draft introduces a $10,000 cash payment limit

The Australian Treasury has recently announced a new set of initial guidelines for managing cash-based currency payments. The draft states that the cash payment limit for commercial payments or receipts is AUD 10,000, and transactions equal to or greater than this amount need to be made using an electronic payment system or check. It is worth noting that digital currency is not listed as a payment method that requires additional supervision or restrictions. Part 9 of the draft states that digital currency is an emerging development area in the Australian economy. Moreover, unlike physical currency, digital currencies do not have a strong regulatory framework or industrial structure, which makes it difficult to apply cash payment limits in some way. The draft further states that the use of digital currency or the killing of digital currency in Australia will not be largely prevented. At the same time, there is little evidence that digital currency is being used in Australia to promote illegal economic activity. In view of this, the government has now decided to exclude digital currency from the cash payment limit object. In addition, this position will continue to be reviewed to ensure that exemptions for digital currency payments still apply.