• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
Buy Neo Pepe
No Result
View All Result
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: Polymarket Set To Go Live In The US Following CFTC Approval, Says CEO
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: Polymarket Set To Go Live In The US Following CFTC Approval, Says CEO
crypto

Banks’ Crypto Limits Yield Costly ‘Side Effects’, Blockchain Australia Warns

Christian Encila
by Christian Encila
2 years ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Crypto trade body Blockchain Australia, a prominent organization in the Oceanic country, has expressed concerns regarding the potential ramifications of imposing stringent regulations on the industry.

In response to the Commonwealth Bank of Australia’s (CBA) recent decision to impose banking limits on crypto payments, Blockchain Australia warns of the possible adverse effects that such blanket restrictions could have.

The trade body asserts that these measures could lead to “costly side effects,” urging for a more balanced approach to regulating the burgeoning bitcoin market. 

As the debate surrounding digital currencies intensifies, the implications of imposing restrictions on this innovative technology come into sharp focus, prompting a critical examination of the future of finance and the role of regulation.

Blockchain Australia Condemns CBA’s Crypto Payment Restrictions

In a recent development, the CBA announced its decision to tighten control over the cryptocurrency industry by introducing measures to safeguard customers from potential scams. The bank declared its intention to scrutinize and potentially curb payments to crypto exchanges, while also implementing a monthly limit of $10,000 Australian dollars ($6,816) for customers seeking to purchase cryptocurrencies through exchanges.

Related Reading: Long-Term Bitcoin Holders Unfazed By Binance, Coinbase Lawsuits: Glassnode

Jackson Zeng, director of Blockchain Australia, expressed strong disapproval of these actions taken by financial institutions. Zeng condemned the situation, characterizing it as a significant infringement on economic freedom within Australia.

He stressed that every individual inherently possesses the right to exercise economic freedom and make autonomous decisions regarding the allocation of their finances and investments.

He said:

“The principal role of banks is to facilitate these decisions, not to impose restrictions upon them.”

Education, Recognition, And Collaboration 

Blockchain Australia is set to implement three key initiatives aimed at safeguarding consumers while ensuring the sustained growth and innovation of the crypto industry.

The first initiative focuses on education, with the introduction of an extensive program aimed at enlightening crypto users about the various scams prevalent in the industry. Moreover, it aims to dispel the lack of understanding of which fraudulent activities are inherent to cryptocurrencies, emphasizing that “crypto is not bad, scammers are bad.”

Bitcoin drops to the $24K level. Chart: TradingView.com

The second initiative centers around the recognition of “good actors” in the industry, particularly properly registered exchanges that comply with regulatory standards. By promoting the visibility of these trusted entities to consumers and the banking industry, Blockchain Australia aims to establish best practices and foster trust in companies that prioritize consumer protection and actively combat fraudulent activities.

Related Reading: Polygon Says Network Was ‘Developed Outside The US, Deployed Outside US’

The final initiative entails convening a roundtable discussion involving politicians, regulators, banks, and other relevant stakeholders. The objective is to facilitate collaborative decision-making in determining the most effective measures to protect consumers without impeding the industry’s innovation and growth. 

This collaborative approach ensures that a balanced regulatory framework can be established, maintaining consumer safety while allowing the crypto industry to flourish.

Featured image from

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Christian Encila

Christian Encila

Follow

Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

Full Profile

Related Posts

crypto

Crypto Adoption 2025: India, US, And Pakistan Secure Top 3 Spots In Global Index

4 hours ago
bitcoin

US Bancorp Resumes Bitcoin Custody Services After Three-Year Pause – Details

5 hours ago
Crypto

SEC And CFTC’s New Joint Crypto Initiative–What You Need To Know

6 hours ago
MEXC’s Zero-Fee Futures Strategy Fuels Record Q2 Growth

MEXC’s Zero-Fee Futures Strategy Fuels Record Q2 Growth as Traders Pivot to Stablecoins and DeFi

16 hours ago
BingX Debuts $WLFI Token with WLFI Listing Carnival

BingX Debuts $WLFI Token with WLFI Listing Carnival

20 hours ago
Next Crypto to Explode Live News Today: Timely Insights for Chart Sniffers (September 2)

Next Crypto to Explode Live News Today: Timely Insights for Chart Sniffers (September 3)

17 hours ago

Premium Sponsors

Press Releases

  • MemeCore...

    3 hours ago
  • XRP is expected to break through $7. APT Miner helps...

    10 hours ago
  • miner

    Expectations of a Federal Reserve rate cut and demand for...

    14 hours ago
  • miner

    BlackRock suspends XRP listing, price faces resistance...

    14 hours ago
  • miner

    The September Curse Returns: How Crypto Investors Can...

    14 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Buy Neo Pepe

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.