This Country’s Crypto Community Opposes Banks Restricting Crypto Payments!

in Australia Blockchain industry stakeholders are taking a stand against local banks’ recent restrictions on cryptocurrency payments.

Australia’s Crypto Industry Condemns Recent Banking Restrictions

Industry body Blockchain Australia highlighted the restrictions in an announcement today and said it wants to address the issue directly using real data.

Recently, Australia’s banking partners cryptocurrency has seen a number of instances where it has blocked payments to its exchanges.

Last week, the Commonwealth Bank (CBA) imposed partial restrictions, citing fraud and the amount of money customers lost.

Earlier this month, Binance Australia stopped depositing and withdrawing Australian dollars (AUD) via wire transfer “due to a decision by a third-party payment service provider”.

“The recent decision by banking institutions to restrict millions of their customers from paying on cryptocurrency exchanges represents a profound curtailment of economic freedom in Australia,” said Jackson Zeng, director of Blockchain Australia.

“Every individual has the right to decide how and where to use their financial resources. The main role of banks is to facilitate these decisions, not to impose restrictions on them.”

The industry body decided to host a roundtable discussion on 27 June during Blockchain Week in Australia to discuss the issue with policymakers, potentially including Deputy Treasury and Financial Services Minister Stephen Jones and the Australian Securities and Investment Commission.

“Blockchain Australia considers that the overall restrictions have very costly side effects, not only limiting the use of the consumer’s own money but also shifting the behavior of those at risk of fraud or fraud to another type of fraud or fraud that may be more difficult to detect,” the announcement said.

*Not investment advice.