Blockchain industry stakeholders in Australia denounced the recent restrictions imposed by local banks on crypto payments.
Industry body Blockchain Australia highlighted the restrictions in an announcement Wednesday (June 14th) and said it wants to address the issue directly using real data. Recently, Australia has faced some issues where its banking partners are blocking payments to crypto 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.
Institution Plans to Meet with Regulators
Blockchain Australia director Jackson Zeng made statements on the subject.
Zeng said in a statement: “The recent decision by banking institutions to restrict millions of their customers from paying on cryptocurrency exchanges represents a profound restriction on economic freedom in 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,” he said.
The industry body agreed on 27 June to meet with policymakers, including Deputy Treasury and Financial Services Minister Stephen Jones and the Australian Securities and Investment Commission, to discuss the issue.
“Blockchain Australia considers that the general restrictions have very costly side effects, not only limiting consumers from using their own money but also shifting the behavior of those at risk of fraud and fraud to another type of fraud that may be more difficult to detect,” the announcement said.
The agency plans to launch a training program, including how to detect fraud and recognize good actors in the field.
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