Australian Businesses Ditch Bitcoin After Banks Act Against Bitcoin Exchanges
Australian businesses are turning their backs on bitcoin following the move by Australian banks last month to close bitcoin exchanges' accounts, according to Reuters. Australian banks last month announced plans to close the accounts of 13 of the country's 17 bitcoin exchanges. The development is a blow to bitcoin's chances of becoming a mainstream currency since Australia was considered one of its most promising bitcoin markets. Australia is estimated to hold 7 percent of bitcoin's $3.5 billion global value, a sizeable figure in a country of just 24 million people. "We've got a squeaky....
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Australian banks have advised Australian bitcoin companies they are closing their accounts, according to The Australian Financial Review. The publication has seen the letters from Westpac Banking Corporation and Commonwealth Bank of Australia. Ron Tucker, chairman of The Australian Digital Currency Commerce Association, said all large Australian banks were shutting the door on bitcoin companies. The banks sent letters to Australian bitcoin exchanges, including Bit Trade and Buyabitcoin. The letters said the banks will close the exchanges' accounts and did not give any explanation. At least....
Banks in Australia have mixed feelings about Bitcoin and its related services. On September 21, 2015, Banks in the region sent letters to Australian Bitcoin exchanges letting them know their accounts will cease with no explanation to why. According to the The Australian Financial Review, 17 native Bitcoin businesses have received letters, with 13 of them....
Australian Banks are turning their backs on Bitcoin. Although the digital currency is still receiving a lot of attention in other countries, the changing attitude in Australia could put an end to the industry's momentum in Australia. According to Reuters, this has forced at least 13 digital currency providers out of business. Even though Bitcoin has gained a lot of popularity in these last few years, Australian Banks are claiming that there are still a lot of concerns about safety and other issues such as money laundering and terrorism finance around digital currency. These were the....
Australia's largest banks have ended all financial support and abruptly closed down the bank accounts of at least 17 Australian Bitcoin companies, including the Australian Digital Currency Commerce Association Chairman Ron Tucker's Australian bitcoin exchange Bit Trade. "The banks had not advised any of our members. To the best of our knowledge all, or nearly all digital currency businesses have received letters from their bank, or in many cases banks, advising of the closure of their accounts. This includes at least 17, with 13 of these closed permanently," Tucker told Bitcoin Magazine.....
Sometimes we ask the wrong question and miss an important opportunity. The recent strident demands for an investigation into alleged collusion by Australian banks against bitcoin businesses was misdirected. The Australian Competition and Consumer Commission (ACCC) investigation found the banks did not collude when they closed down the accounts of a number of a number of bitcoin businesses. In fact, the ACCC found that one bank had decided not to deal with digital currency businesses back in 2011. Another bank made a similar decision in 2015. They also found that other banks are continuing....