Adam Poulton, president of the Blockchain Australia Association, recently discussed the hurdles facing Australia’s cryptocurrency industry with local media, arguing that the recent dramatic influx of new crypto investors has likely contributed the banks’ hesitation to work with virtual currency businesses.
Analysts Point to Regulatory Vacuum as Driving Australian Cryptocurrency Banking Woes - Bitcoin News
The increasingly publicized challenges posed to the Australian cryptocurrency industry by the country’s ‘big 4’ banks refusal to provide financial services to crypto companies. Many analysts are speculating that the issue will become the catalyst for the development of detailed regulations for the virtual currency era, arguing that the opaque nature of the current legislative apparatus pertaining to cryptocurrencies is to blame for Australia’s bitcoin banking embargo.
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