Changing tides, changing policies, entry of Bitcoin and a transition to a cashless society. Different economies will transition at different rates. Although it may be a blow to block and mortar stores, the shift is on and portended by none other than the IMF.
From recent news, it will require one to settle either through a KYC-AML compliant debit or credit card or a banker’s cheque if the amount is above $7,500 or AUD$10,000. According to the Guardian, the objective is to crack down on tax evasion and organized crimes as the Turnbull government look to boost revenue from the “Black Economy” especially from cigarettes expected to generate $4.6 billion in the next four years: