Australian Government Opens Another Front in the War on Cash

The government of Australia joins the EU, Spain, France, Venezuela and other authorities examining ways to limit the public's access to cash transactions in order to prevent crime and tax avoidance. The most drastic recent step taken in what is often called the 'war on cash' was the unexpected demonetization of high-denomination rupee notes by Indian Prime Minister Narendra Modi.

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According to media reports from Australia, the $100 AUD note might be cut after a report from UBS recommended the government to do so in order to increase tax revenue and reduce crime and welfare fraud.

Australian Revenue and Financial Services Minister, Kelly O’Dwyer, told ABC radio: "The whole point of this crackdown on the black economy is to make sure we close down any potential loopholes. There’s nothing wrong with cash per se, the issue is when people don’t declare it and when they don’t pay tax on it.”

This international push toward a cashless future can help the development of Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term-based currencies in two very different ways. First, people who wish to hold and use cash equivalent funds for privacy or any other reason can turn to Bitcoin and other Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term when paper notes will no longer be available. Second, central banks are developing their own blockchain-based systems to replace the current physical cash that will be taken out of circulation while giving them greater control.

India, Venezuela... next Australia?

Does anyone see a pattern emerging?https://t.co/Mz6Lir7cxy — Andreas (@aantonop) December 14, 2016

Cashless society is totalitarian society. Central database digital money puts everyone at the mercy of government, who can turn anyone off

— Andreas (@aantonop) December 14, 2016