Australia’s Liberal Party government are to make cash transactions over the value of $7500 AUD ($10,000USD) illegal as from July 2019.
This move comes as the government continues to push society towards a ‘cashless society’.
“This will be bad news for criminal gangs, terrorists and those who are just trying to cheat on their tax or get a discount for letting someone else cheat on their tax,” Treasurer Scott Morrison said, however this type of legislation will actually have no impact on Terrorism or crime whatsoever, there are plenty of other ways for criminals to transact anonymously.
This ongoing move to clamp down on cash within society is just another way in which Governments are gaining more control over it’s people. Individual sovereignty is not something any Government wants it’s people to have, after all they want to ensure they have their cut of your wealth!
Australia maybe the first Country to make such a bold action like this ; however you can be sure they will not be the last, with most banks now here in the UK making large cash withdrawals seem like a criminal act and some supermarkets now having ‘Cashless’ branches it is only a matter of time before Cash will be outright banned across the Western World.
There is little we can do about the Government’s war on Cash, however we can make preparations to ensure that we still hold the upper hand on our own wealth. Precious metals will of course be the favourite alternative store of value for many and they have served us well for 100’s of years, however attempting to purchase any goods with Gold or Silver is somewhat time consuming and in many cases impossible.
This is exactly why we have Bitcoin.
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Is a cashless society good news for the blockchain?
Americans could feel like just a prelude to many more snafus to come.
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