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Bitcoin Companies’ Accounts Closed By AUS Banks

Bitcoin in Australia

With all the developments that are taking place in the common business landscape, layman consumers are starting to get the essence of Bitcoin as a legitimate payment system as compared to the previous years.

However, Bitcoin seems to consistently invite conflict every time it takes a revolutionary step out of its roots.

Last Sept. 21, an announcement released through The Australian Financial Review stated that the majority of large banks in Australia have informed Bitcoin-accepting companies that their accounts are subjects for closure.

According to the publication, Westpac Banking Corporation and Commonwealth Bank of Australia are two of the significant entities that made the announcement. This notice was particularly sent to Bitcoin exchanges based in Australia.

Support for Bitcoin

Sudden announcement with no concrete explanation

In an online report, Ron Tucker, Chairman of The Australian Digital Currency Commerce Association and founder of Australian Bitcoin exchange Bit Trade, said that his associates were unable to obtain a vivid explanation to why his company’s account was shut down.

He even emphasized that the country’s Bitcoin-based business sector is eager to discuss with Australian banks the reasoning behind the sudden restriction:

“The industry is more than happy to talk to the banks about their concerns. However, neither the association nor its members have been given the opportunity.”

Tucker added that perhaps one of the possible reasons of the banks is starting to eliminate Bitcoin-companies because these entities are starting to bypass the authority of the financial institutions when it comes to trade and commerce.

Pending Bitcoin closure—on a lighter note

There is no doubt that this current matter is extremely detrimental to Bitcoin companies and startups, especially those that are based in Australia. However, this ongoing debate only proves that Bitcoin is steadily gaining the attention of the public and even the government.

Australia’s Labor Senator Sam Dastyari, the former leader of the Senate Economic References Committee into discussing cryptocurrencies, has voiced out his support toward the cryptocurrency.

Dastyari emphasized that Australian banks are taking things overboard, especially with their strategy to bring Bitcoin businesses, particularly the startups, into a deadlock. He also added that Bitcoin companies are just merely opening opportunities for more business and technological advancements:

“We don’t have a four-pillars policy to allow banks to guillotine emerging industries they are competing with … These small local digital currency companies are essentially competing to provide trading platforms, and develop emerging technologies.”

Although the overall verdict for this issue is still on pending, it is safe to say that Bitcoin in Australia is garnering encouraging favors from the people. In fact, Australia is one of the more Bitcoin-friendly countries that are open to accept any form of Bitcoin-related businesses.
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Australia and Bitcoin gambling

The country’s warm acceptance to the Bitcoin gambling industry—one of the most vital components of the Bitcoin ecosystem.—is an indication that the country recognizes the impact Bitcoin has across different industries. It even shuns the view of Bitcoin as a threat.

Australia is one of the few countries with a lax protocol when it comes to betting on Bitcoin games using digital currencies. That said, Bitcoin casinos are allowed to do its operations in the country.

At this point in time, the Bitcoin ecosystem is showing promising results in its mission to fully penetrate the mainstream market. Several business sectors are starting to incorporate the advantages of this cryptocurrency to further improve their current systems.

Therefore, regardless of what the outcome of the sudden Bitcoin business closure may bring, this significant event hints that Bitcoin will be able to achieve global awareness and acceptance in the near future. This holds more truth since the Reserve Bank of Australia sees potential in Bitcoin, unlike the negative attitude certain Australian banks have toward the cryptocurrency.

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