In Australia, key players in the blockchain industry are standing up against local banks’ current limitations on crypto payments. Blockchain Australia, an industry organisation, has publicly criticized these restrictions and expressed its intention to address the issue directly using factual information, as stated in an announcement on Wednesday.
Recent incidents in Australia have witnessed banking partners blocking payments to cryptocurrency exchanges. For instance, the Commonwealth Bank (CBA) implemented partial restrictions, attributing them to scams and the amount of money lost by customers. Besides, Binance Australia temporarily ceased AUD deposits and withdrawals via bank transfer due to a decision made by a third-party payment service provider earlier this month.
“The recent decision by banking institutions to restrict millions of their customers from making payments to cryptocurrency exchanges represents a profound curtailment of economic freedom in Australia,” stated Jackson Zeng, Blockchain Australia’s director. Zeng further stressed that every individual possesses the inherent right to determine how and where they use their finances, and banks should facilitate these decisions rather than impose restrictions on them.
Blockchain Australia has scheduled a roundtable discussion on June 27 to address this pressing issue, coinciding with Blockchain Week in Australia. The discussion aims to engage policymakers, including Assistant Treasurer and Minister for Financial Services Stephen Jones and the Australian Securities and Investment Commission.
The industry body firmly believes that blanket restrictions have far-reaching consequences, limiting consumers’ access to their funds and redirecting vulnerable individuals towards alternative scams or fraudulent activities that may be harder to detect.
As part of their efforts, Blockchain Australia intends to initiate an educational program for consumers, focusing on cryptocurrencies and their benefits. This program aims to equip individuals with the knowledge to identify scams, discern trustworthy entities within the space, and foster understanding and recognition of these practices by banks.