Celsius

Bank AI

Read

<p class="is-style-lead">Amidst recent limitations imposed by Australian banks on cryptocurrency payments, key players within the blockchain industry are mobilizing to resist these constraints.</p>



<p>Blockchain Australia, an industry organization, has voiced its opposition to the restrictions and expressed its determination to address the issue proactively with concrete data-driven strategies.</p>



<h2 class="wp-block-heading" id="fostering-collaboration">Fostering collaboration</h2>



<p><a href="https://blockchainaustralia.org/response-to-banking-limits-on-crypto-payments/" target="_blank" rel="noreferrer noopener">Acknowledging the growing concerns</a> regarding crypto-related scams and fraud, Blockchain Australia is actively addressing these challenges through a series of initiatives. </p>



<p>Their efforts include the launch of an educational program aimed at empowering consumers with knowledge about cryptocurrencies, emphasizing that crypto itself is not inherently problematic but rather scammers who exploit it. </p>



<p>Furthermore, they are recognizing and promoting the ethical conduct of industry players who uphold best practices, seeking validation from banks. </p>



<p>To foster collaboration and combat scams within Australia, Blockchain Australia has scheduled an Industry Roundtable on June 27, 2023, bringing together the blockchain industry, banking and finance sector, and government representatives. </p>




    <p>
        You might also like:

        <a href="https://crypto.news/what-happened-to-celsius-network-a-year-in-review/">
            What happened to Celsius Network: a year in review        </a>
    </p>




<h2 class="wp-block-heading" id="moving-past-financial-exclusion">Moving past financial exclusion</h2>



<p>These developments come in response to the Commonwealth Bank (CBA), the largest financial institution in Australia, making the decision to take precautionary measures by either pausing or implementing temporary suspensions on payments to crypto exchanges. </p>



<p>The move comes as a response to the significant risk of fraudulent activities associated with cryptocurrencies.</p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe title="Australian Finance Minister &#039;Confident&#039; Budget Won&#039;t Fuel Inflation" width="1020" height="574" src="https://www.youtube.com/embed/lp0oM9xG3hE?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
</div></figure>



<blockquote class="wp-block-quote">
<p>“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. Every individual has an 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 on them.”</p>
<cite>Jackson Zeng, director of Blockchain Australia.</cite></blockquote>



<p>Although it is too early to say what the results of the roundtable will be, the discussion marks a step in the right direction, addressing the hurdles for individuals who rely on crypto exchanges for various purposes such as investments, trading, or accessing decentralized finance (DeFi) platforms and supporting the nation on their own objective to spur on adoption of cryptocurrencies in the country.</p>




    <p>
        Read more:

        <a href="https://crypto.news/microstrategys-michael-saylor-gives-audacious-forecast-for-bitcoin/">
            MicroStrategy’s Michael Saylor gives audacious forecast for bitcoin        </a>
    </p>

Crypto industry body slams banking restrictions in Australia

Table of Contents

crypto.news

Other articles published on Jun 14, 2023

BNB Recovers 5%, BTC Remains Calm at $26K After CPI Announcement (Market Watch)

US Politician Makes Shiba Inu Token Purchase, Welly’s Unveils New Store

Exploring the world of Web 3.0 and Top Level Domains (TLDs)

Giddy vs. ZenGo: Deciphering the Future of Crypto Wallet Security

XRP Should Not Be Considered Investment Contract, Hinman Docs Reveal

Uniswap v4 Announcement Spurs Wintermute Trading’s $3.7M UNI Token Acquisition

Join our free newsletter for daily crypto updates!