The Australian Senate just voted to kill the $10,000 'cash ban' bill

Thursday 03 December 2020, 4:14 PM AEST - 1 month ago

A bill proposed by Australian lawmakers to ban the use of cash for transactions over $10,000 has been killed by a unanimous Senate vote.

One Nation Senator Malcolm Roberts brought the motion to remove the bill today after more than a year of trenchant opposition to it from a cross section of the community, including cryptocurrency proponents. Many saw it as infringing on Australians rights and freedom to use cash and to protect the privacy of their transactions. Early drafts of the bill included digital currencies as subject to the proposed limits.

Introduced to Federal Parliament in September last year, the bill would have introduced fines of up to $25,000 or jail terms for people or entities that made or accepted payments worth more than five-figures. Senator Roberts said the bill would have criminalized the use of legal tender for everyday Australians and claimed that the bill was never about tackling crime or money laundering.

Even the Governments own Committee Inquiry said that the bill was out of step with Australian values and was totally impractical.

Even though many hailed the end of the bill as a big win, Nuggets News founder and longstanding opponent CEO Alex Saunders suggested the battle was only just beginning:

The poorly thought out & rushed attempts to ban cash by the powers that be were met with strong disdain from the people. This time the little guy can won. But no doubt they'll be back. #CashBan #WarOnCash #auspol #ausecon #ausbiz

— Alex Saunders ‍ (@AlexSaundersAU) December 3, 2020

Before the bill even reached the federal parliament, more than 7,000 indiv ...

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