Australian Treasury is considering whether to include cryptocurrency in the draft cash payment limit

The new Australian Ministry of Finance introduced a $10,000 cash payment limit, but digital currency payments were excluded. Proponents believe that the cash payment cap will crack down on criminals, block illegal liquidity and stop tax evaders. The Financial Review reported that the Treasury is considering whether to include cryptocurrencies, effectively prohibiting transactions in which Bitcoin and Ark are worth more than $10,000. Assistant Finance Director Stephen Jones said that if the motives really focus on fraud, tax avoidance, terrorism and criminal activity, then we should consider all currencies that may be affected by this. However, a petition on the Change.org website that suppressed the bill claimed that legislators tried to deprive Australians of their fundamental freedoms. The petition now has 7,367 signatures.