By CCN: Bitcoin is a lousy tool to launder million and billions worth of cash. But the same cannot be said about a mere $6,989, as not noted by Malcolm Turnbull. The former Australian Prime Minister led his office to launch a crackdown on cash-in-hand payments.

The liberal government in May 2018 proposed to modify the anti-money laundering bill with a cash spending threshold of A$10,000, a U. S. dollar equivalent of $6,989. They argued that a dollar-value cap would limit the “opportunities to under-report income, charge lower prices, and underpay GST,” adding that the crackdown would eventually raise “billions of

The post Bitcoin Could Badly Spoil Australia’s Cash Payment Crackdown Plan appeared first on CCN

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