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Transcript:
0:00:00 Government Restrictions on Cash Transactions Show Why Bitcoin is Important
0:00:05 This update is brought to you by "CoinCheckup News Updates" and was originally published on "NewsBTC".
0:00:11 The government of Australia wants to ban cash payments for goods and services exceeding 10,000 AUD.
0:00:18 Interestingly, it excludes digital currency, such as Bitcoin, from the restrictions, arguing that if the regulations cover crypto assets, they would also limit innovation.
0:00:27 Although Bitcoin is excluded from the proposed ban, such restrictions make the case for the permissionless digital asset even stronger.
0:00:35 They exist in many countries around the world too.
0:00:38 Last week, Australia’s treasury stated in a memorandum that it plans to ban cash payments over 10,000 AUD.
0:00:46 This would mean that all major purchases must be first authorised by a bank.
0:00:50 Australia would join several others countries that have similar restrictions on cash transactions.
0:00:56 Cryptocurrency analysis firm CryptoRand highlighted this earlier today via Twitter.
0:01:01 If they control the money, they control you.
0:01:04 The precise figure of some of the limits stated in the above Tweet were brought into question.
0:01:09 For example, one person responding stated that Italy’s figure is actually 3,000 euros.
0:01:14 Realistically, it makes little difference the exact figure of the limit.
0:01:19 The fact that the government, supposedly a servant of the people, has control over your spending at all as a citizen should be considered an attack on individual liberty.
0:01:27 Such government policies highlight why the creation of an asset class such like Bitcoin is important.
0:01:33 Being a completely permissionless system, it requires no central authority to issue and the user can transact as much as they like across the network without restriction.
0:01:42 Thanks for checking out this video!
If you wanna read the whole article you can go to CoinCheckup.com or go to: "NewsBTC", who originally published this news update on their website.
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