Blockchain industry stakeholders in Australia are taking a stand against recent restrictions by local banks 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 has seen a number of instances where its banking partners have blocked payments to cryptocurrency 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 deposits and withdrawals of 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 primary role of banks is to facilitate these decisions, not 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.