The Crypto Industry Body of Australia Speaks Out Against New Banking Restrictions

After hearing that Australian banks were restricting payments to cryptocurrency exchanges, Blockchain Australia stated it plans to confront the problem “head-on by using real data.”

Australians involved in the blockchain business are speaking out against new regulations imposed by banks there that limit customer access to cryptocurrency transactions.

In a statement released on Wednesday, Blockchain Australia, an industry group, criticised regulations and stated its intention to confront the problem “head-on by using real data.”

Banking partners in Australia have repeatedly denied payments to crypto exchanges recently. Jackson Zeng, director of Blockchain Australia, said that the recent move by financial institutions to block millions of their clients from making payments to cryptocurrency exchanges was a fundamental limitation of economic freedom in Australia.

To debate the problem with politicians, such as Assistant Treasurer and Minister for Financial Services Stephen Jones and the Australian Securities and Investments Commission, the industry association has agreed to conduct a roundtable discussion on June 27 during Blockchain Week in Australia.

The group intends to begin educating customers about crypto and its advantages, such as how to spot fraud and identify beneficial actors in the industry. It will then lobby financial institutions to recognise these practices.

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