Australia is now moving forward with its proposed legislation to ban cash purchases over 10,000 AUD ($6,900) for business purposes. According to the treasury website: “The Black Economy Taskforce recommended this action to tackle tax evasion and other criminal activities.” While many Aussies are celebrating Bitcoin’s exclusion from this clause, others find the move away from hard cash somewhat chilling. After all, if this finally goes through, banks and the state will be given sole power to deny or approve any and all purchases above this limit. Crypto is not yet affected, but when cash is erased, and the control grid is tightened, be sure that centralized shitcoins are not going to save anyone, either.

Also Read: Five of the Most Important Use Cases for Cryptocurrency

Never Mind the Hype Parade

There’s always been a lot of zealous hype in crypto circles. Search “bitcoin” on Twitter and you’ll be overwhelmed with an avalanche of largely meaningless noise. “Feeling really bullish right now…

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Source: https://news.bitcoin.com/when-cash-is-banned-centralized-cryptos-are-not-going-to-save-you/