The Reserve Bank of Australia says the real motivation behind the federal government’s proposal to implement a cash ban is to create an Orwell-style country that gives banks more control over people’s money — and the government’s actions over people during a recession — that the argument that there is greater control over people is “fetched” “. The cash ban bill passed the House of Commons last year and is set to begin on January 1. However, it will not officially become law until a Senate investigation.
The government said the purpose of the move was to combat the black market economy and combat tax evasion, money laundering and other crimes. Thousands submitted documents to the investigation. Among many objections, there are concerns that the law could affect people’s bank deposits with negative interest rates. That is, depositors not only cannot receive interest income, but also have to pay the bank to save money.
The law will also apply to any business registered with ABN, preventing them from buying cars and fittings in cash. The government said that the ban does not apply to personal transactions, such as transactions between individuals who do not hold ABN, nor does it apply to cash payments to financial institutions.
