A Currency bill proposed by Australia’s prime minister Scot Morison has been creating controversies in the country. According to the proposed bill, any individual or business who makes cash transaction of $10,000 or more might face two years of jail time and $25,000 fine. The proposed law met with a lot of resistance from the citizens.
Robert Barwick, Director Citizens Electoral Council, has started an online petition on change.org against the prime minister and ten other politicians for proposing such a law. The proposed bill aims to curb down the black money and combat money laundering. So far more than 4,000 people have signed the online petition.
Robert wrote in the petition that such law wouldn’t prevent tax evasion or money laundering but strip the citizens from privacy with financial transactions. In the petition, Robert also alleged KPMG, the accounting firm of tax evasion, who are behind the proposed law.
The petition appeals to the parliament to scrap the proposed bill and use resources to crackdown multinational banks and corporations who evade taxes.
The payments in digital currencies are excluded from the bill. However, it is subjected to change. The Australian government mostly has been pro cryptocurrency. But the position can be changed as the bill says digital currencies will remain under scrutiny to ensure that the exemption for digital currency payments remains appropriate.