Australian Senator Andrew Bragg said that blocking the bank accounts of cryptocurrency organizations is more like violating antitrust laws than fulfilling regulatory requirements.
Usually, banks block the accounts of companies and citizens working with cryptocurrencies, hiding behind the requirements of regulators to combat money laundering and terrorist financing. But Andrew Bragg believes that in this way banks are simply trying to eliminate competitors and ensure their survival.
“Most banks cover up their blocking with the requirements of regulators. But, in fact, it is often a fight with competitors, and it is much worse than it seems at first glance. That is, they refuse to serve customers in order to defend their position in the market, ”said the Australian senator.
Bragg said such actions by banks undermine the government’s efforts to turn Australia into the center of the cryptocurrency industry.
“How can you become the center of the industry if traders, miners, exchanges and custody services cannot open a bank account? No way! ”The senator pointed out.
Commonwealth Bank, Australia’s largest bank, recently announced that it will be able to purchase cryptocurrencies in the bank’s app. Andrew Bragg praised the financial institution for this step and stressed that banks need to stop being hypocritical – giving some customers the opportunity to work with cryptocurrencies, and others blocking accounts for the same actions.
Australia recently launched an exchange-traded fund (ETF) on cryptocurrency stocks. It turned out to be extremely interesting for investors and in the first 15 minutes set a record in terms of trading volume.