Australian Government's cash ban

[stompix]

They are not going after the average Joe with this law.

In the quote from DooMAD above it explicitly states it only applies to businesses as well. I can't see it affecting many at all. How many businesses take cash for large payments?

Yeah it applies to businesses, but I don't think it's limited to payments between business and not consumer>merchant.
At least that's how is in the EU.

I can't go and buy something worth 15 000 euros for example from a shop with cash. It's either plastic or bank transfer.
Of course I doubt that's also the case for Australia but in parts of Eastern Europe there are a lot of "intermediaries" that buy lots of stuff (especially in agricultural products) and they deal only with cash, same with used cars and many more.

Probably the real estate will be hit by this as with this limit there is no way and no excuse for them to deal with any cash whatsoever, and that's one business where tax evasion is rampant.

It's going to be interesting if they lower this, Italy is at 2999 Euros.

[eaLiTy]

And when LN is coming, what are they going to track?

Are you telling that a bidirectional channel cannot be tracked.  

But the problem is that the said increase in value is caused by the transfer of money launderers, drug lords, terrorist to cryptocurrency. This may boost the market but behind it the dark market will reign in the cryptocurrency market.

How do you think that they will be acquiring the bitcoin, as far as i know it is not produced from thin air, in order to purchase the coin you need to send funds to a exchange and almost all of the exchanges i know are strict with their KYC policies and if anyone is planning to do illegal activity with bitcoin, i would say they are ignorant, leaving a digital trail when you transact is more than enough for the authorities to link your account, take silk road for example. Can you tell me one dark website that accepts bitcoin at this time, you wont find any because it is not anonymous.

About the cap set by the AU government, it is not clear whether the cap is for banking transaction or other remittance services, if it is the former i cannot understand why they cannot track a simple banking transaction and the reason for the cap is just flimsy.

[TheQuin]

Yeah it applies to businesses, but I don't think it's limited to payments between business and not consumer>merchant.
At least that's how is in the EU.

That's what I meant, there's no restriction on two individuals exchanging that amount.

I can't go and buy something worth 15 000 euros for example from a shop with cash. It's either plastic or bank transfer.
Of course I doubt that's also the case for Australia but in parts of Eastern Europe there are a lot of "intermediaries" that buy lots of stuff (especially in agricultural products) and they deal only with cash, same with used cars and many more.

Second-hand car dealers were about the only thing I could think of that would fall into this. I'm thinking of the UK, I'm not so familiar as to what happens in Eastern Europe.

Probably the real estate will be hit by this as with this limit there is no way and no excuse for them to deal with any cash whatsoever, and that's one business where tax evasion is rampant.

Real estate is heavily used for laundered money but you can't buy a house with cash. That's all a bit more sophisticated than that. The money is laundered first and then invested in property to park it in the name of an offshore (tax haven) registered company.

It's going to be interesting if they lower this, Italy is at 2999 Euros.

So that's about half what Australia has announced.