As an industry organization, Blockchain Australia has been vocal about its dissatisfaction with recent restrictions on cryptocurrency payments by Australian banks. These regulations, the organization argues, stand in the way of broader adoption of cryptocurrencies. To that end, the body has come up with a data-driven strategy to tackle these challenges head-on.
Recognizing the increase in crypto-related scams and frauds, Blockchain Australia is actively seeking solutions. One of the key initiatives includes launching an educational program aimed at informing consumers about cryptocurrencies. The emphasis of this program is to convey that it’s not the cryptocurrencies that are the problem, but the scammers who misuse them.
To promote ethical conduct within the industry and earn validation from banks, Blockchain Australia is also acknowledging and endorsing businesses that follow best practices.
Facilitating a Constructive Dialogue
Blockchain Australia is taking a proactive role in facilitating collaboration among stakeholders. The organization has scheduled an Industry Roundtable on June 27, 2023, which will see representatives from the blockchain industry, banking and finance sector, and the government come together to combat scams and understand each other’s concerns better.
Fighting Financial Exclusion
The Commonwealth Bank (CBA), the largest bank in Australia, recently announced temporary suspensions on payments to crypto exchanges, citing significant risk of fraudulent activities associated with cryptocurrencies. This has triggered a wave of resistance from crypto advocates who perceive this move as a restriction on economic freedom.
Jackson Zeng, director of Blockchain Australia, criticized this decision, saying, “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.”
While it’s still early to predict the outcome of the Industry Roundtable, it definitely represents a step forward in overcoming challenges faced by individuals who rely on crypto exchanges for various reasons such as investments, trading, or accessing decentralized finance (DeFi) platforms. Moreover, it supports the broader goal of encouraging the adoption of cryptocurrencies in the country.