Australia Bans Cash for All Purchases Over $7,500 (Jul 2019)

https://gizmodo.com/australia-bans-cash-for-all-purchases-over-7-500-start-1825946888

by endorphone • 8 years ago

27 10 8 years ago

gizmodo.com

mogoman• 8 years ago

They have similar limits in Europe already. Is this also the case in the US?

runwerks• 8 years ago

it is not.

iamatworknow• 8 years ago

Technically in the US any transaction over $10,000 is supposed to be reported to the IRS (https://www.irs.gov/pub/irs-pdf/f8300.pdf), but I'm not sure how strict enforcement is on that.

tomohawk• 8 years ago

During FDR's presidency, they confiscated all the gold (forced you to sell it at a fixed price to the US gov't) and required an IRS agent to be present when safety deposit boxes were opened. They also imposed price controls, imprisoning people who charged too much or too little for goods and services. There was a lot of bartering going on.

vlucas• 8 years ago

Curious. By "cash" do they mean only actual stacks of bills or all forms of "paper" payment like checks and cashier's checks too? Maybe not since those require a bank account and are traceable?

Willson50• 8 years ago

The article says checks are allowed.

superkuh• 8 years ago

The war on cash marches on. The limit will get lower and lower and eventually individuals will have no right to trade or enter into transactions as individuals. You'll always have to use a third party institution to pay for things. Paying yourself will be a crime and transactions will be at their whim. All economic activity will be surveilled and stored.

teilo• 8 years ago

Thus encouraging the black market economy to transition to cryptocurrency even faster.

bitconion• 8 years ago

so... use bitcoins!

tony101• 8 years ago

Original post on this topic: https://news.ycombinator.com/item?id=17043340

Australia Bans Cash for All Purchases Over $7,500 (Jul 2019)

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