Recently stakeholders in Blockchain related companies in Australia are taking a stand against recent prohibition by local banks on crypto payments. Industry body, Blockchain Australia, called out restrictions and said it wants to tackle the issue “head-on by using real data,” in a recent press statement
However, Australia has seen a string of instances in which banking partners have blocked payments to cryptocurrency exchanges. In the previous week, Commonwealth Bank (CBA) applied partial restrictions citing “scams and the amount of money lost by customers.” And earlier this month, Binance Australia paused Australian dollar (AUD) deposits and withdrawals by bank transfer owing to the decision made by a third-party payment service provider.
. “Every individual has the inherent right to make decisions on how and where to use their finances The principal role of banks is to facilitate these decisions, not to impose restrictions upon them.” reiterated Jackson Zeng, director of Blockchain Australia.
Although, the company promise to host a roundtable discussion on June 27, during Blockchain Week in Australia, to deliberate about issue with policymakers, potentially including Assistant Treasurer and Minister for Financial Services Stephen Jones and the Australian Securities and Investment Commission.
Blockchain Australia considers that blanket limitations have very costly out outcomes not only Inhibiting consumer’s use of their own money, but also shiftng the behavior of those at risk of scams or fraud into another type of scam or fraud which may be harder to detect,” the announcement maintained Meanwhile, the Firm plans to commence an education program for consumers on crypto and its potential merits including how to identify scams and recognize good actors in the space and seeking validation of those practices by the banks