Australia's Black Economy Taskforce (BET) has called for a state of war on cash as well as has revealed 35 unlike methods of eliminating cash. The taskforce placed the blame on the consumers for encouraging the usage of cash, which is beingness manipulated as well as utilized past times criminals to fund large-scale fraudulent organizations.
In an interview amongst News.com.au, the Australian federal government's Black Economy Taskforce (BET) chair Michael Andrew explained that consumers are part of the occupation as well as that the regime volition punish those that buy products or services amongst cash:
"We intend to examine the merits of consumer-focused sanctions, including the loss of consumer protections, warranties as well as legal rights for people who brand cash payments without obtaining a valid receipt. This is non exactly of thing of imposing novel penalties, but part of a wider cultural modify agenda."
In add-on to drug traffickers as well as money launderers, the BET intends to regulate as well as crackdown on people that piece of work exterior the revenue enhancement as well as regulatory scheme of Australia. In fellowship for the regime to properly regulate the country's fiscal system, Andrew noted that it needs to enforce strict rules on spending habits as well as usage of cash.
However, analysts as well as experts including Consumer Action Law Centre senior policy officeholder Katherine Temple criticized the submission of BET, stating that the enforcement of such policies are unrealistic as well as completely unfair toward consumers.
"Broadly nosotros back upward efforts to scrap the dark economic scheme because vulnerable or disadvantaged people are oftentimes victims, but nosotros remember punishing everyday Australians for businesses non complying amongst their obligations is completely unfair. Consumers can't brand rational payment decisions based on keeping rights that they aren't aware exist. [Policy] that is based on the notion that a consumer volition brand payment decisions based on rational concepts sets an unrealistically high bar which nigh consumers should non last expected to reach," Temple explained.
Analysts likewise criticized about of the inefficient methods proposed past times the fiscal regulation arm of the federal regime to integrate nanochips on A$50 as well as A$100 notes as well as flora short-term death dates on each banknote, equally it would Pb to a drastic increment inwards expenses as well as confusion for full general consumers. Even though it is far from reality, such a consideration reinforces the attractiveness of bitcoin equally a shop of value as well as nosotros are reminded of the demonetization inwards India, which led to an explosion inwards the usage of the cryptocurrency.
Still, the federal regime as well as BET intend to focus on the implementation of necessary policies to confine as well as regulate the usage of cash. BET estimated the size of Australia's dark economic scheme to last worth upward to A$50 billion ($39.45 billion). Additionally, the regime revealed that revenue enhancement avoidance through cash costs the regime over A$10 billion ($7.89 billion) annually.
In May, the Australian regime announced the elimination of a revenue enhancement on bitcoin as well as officially recognized bitcoin equally money equally a part of a larger initiatory to encourage the evolution of bitcoin, the blockchain, as well as fintech.
"The Government volition come inwards easier for novel innovative digital currency businesses to piece of work inwards Australia. From 1 July 2017, purchases of digital currency volition no longer last acre of written report to the GST, allowing digital currencies to last treated exactly similar money for GST purposes," the Australian regime wrote inwards its 2017/2018 budget for "Backing Innovation as well as Fintech."
More to that, the regime stated that it would protect bitcoin as well as blockchain-related businesses, amongst the aim of evolving Commonwealth of Australia into a leading global fintech hub:
"Innovation volition drive productivity growth inwards Australia. That is why the Government's A$1.1 billion ($0.868 billion) National Innovation as well as Science Agenda (NISA) is designed to enable Commonwealth of Australia to accept total payoff of novel economical opportunities. The Government is committed to establishing Commonwealth of Australia equally a leading global fiscal applied scientific discipline (fintech) hub as well as is announcing a novel parcel that aims to seat our local fintech manufacture equally a basis leader."
It is an interesting menses for the Australian finance industry, equally the federal regime is trying to confine the usage of cash as well as motion its economic scheme toward fintech as well as bitcoin. In the upcoming months, regulation on cash may tighten significantly equally demand for bitcoin continues to increase.
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