More than 7,000 concerned Australians have put pen to paper—okay, more like fingers to keyboards—signing a petition that vehemently opposes the drafted Currency (Restrictions on the Use of Cash) Bill 2019. This bill was recently unveiled to the public by the parched mouths of Australia’s parliamentarians, and the discussions swirling around it could make a tornado seem uneventful.

The Petition Movement: An Uprising Against Cash Controls

Launched earlier this week by none other than Robert Barwick, the director at the Citizens Electoral Council of Australia, the petition emerges as a stalwart defense of cash transactions, which some claim are the last bastions of financial freedom. Proposed measures suggest a ban on cash transactions exceeding AUD 10,000 (or approximately $6,900), and yes, digital currencies might be included in this cash control scheme. Cue the dramatic music.

Governments vs. Cash: The Motivation Behind the Madness

So, why the sudden interest in restricting cash? Apparently, the government’s motivation is couched in a desire to curb illicit activities, including money laundering and tax evasion. While aiming to create a cashless paradise, Barwick argues that this law is anything but benevolent.

“A totalitarian law that […] will trap Australians in banks so they cannot escape bail-in and negative interest rates.”

Barwick’s call to action? He wants parliament to toss this bill into the recycling bin and reconsider how they tackle the real perpetrators—multinational banks, the Big Four accounting firms, and tax havens. Seems fair, right?

Privacy at Stake: Money Matters and Your Personal Affairs

Let’s cut to the chase: banning cash transactions over AUD 10,000 won’t magically terminate tax evasion or money-laundering machinations. Rather, it would rob individuals of their right to privacy in handling their financial affairs. Barwick poignantly points out that these measures could leave people beleaguered by restrictive banking policies and less control over their own money.

The Flip-Flop on Digital Currency Restrictions

Just when you think you have a grasp on the situation, the explanatory memorandum threw in a curveball in mid-July, suggesting that digital currency might be exempt from these stringent cash limitations. What’s the reasoning behind this? Supposedly, there’s scant evidence tying digital currency to the dark underbelly of the black economy in Australia.

However, the draft’s new wording is contradictory, ambiguously stating, “cash means either or both of the following: (a) digital currency; (b) physical currency.” Ladies and gentlemen, the plot thickens!

More Woes for Crypto Investors

If anyone thought they were off the hook in this chaotic narrative, think again. The Australian Tax Office recently decided to send warning letters to approximately 18,000 Self Managed Super Funds, indicating that pumping too much investment into a single asset—like property or, you guessed it, cryptocurrency—breaches legal limits. Apparently, having more than 90% of retirement funds locked in one asset class is a big no-no. Talk about feeling cornered!

The ongoing saga around the Currency (Restrictions on the Use of Cash) Bill continues to raise eyebrows, provoke opinions, and perhaps stir up a good, old-fashioned ruckus. Stay tuned, because the dance between cash, digital currency, and legislation isn’t over yet!