What Do Australia's Biggest Banks Think About Bitcoin?
Much like their counterparts in Europe and North America, banks in Australia have had mixed reactions to bitcoin. While some financial institutions are working together with bitcoin businesses to understand the issues at hand, others have given conflicting messages, and at least one is ridding itself of bitcoin customers altogether. Banks' willingness to work with entrepreneurs in the bitcoin world is vital to building a healthy and stable bitcoin ecosystem. Exchanges, ATMs, payment processors and even some face-to-face traders all need to move vast amounts of money through traditional....
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A bitcoin business in Australia is eyeing banking opportunities abroad following a perceived crackdown from banks in the country. The comments, made by Andrew Smith, the general manager of BuyaBitcoin follow on from reports that various Australian banks have decided to shut the accounts of some 17 bitcoin operating businesses. Smith confirmed that BuyaBitcoin - founded in 2014 - had "experienced bank closures in Australia recently". He told CoinDesk: "It's an Australia industry-wide issue. We are not in a position to comment on the specifics ... We are currently looking at opportunities....
Australia’s so-called “Big Four” banks will be closely monitored for any attempts to purchase Fintech or blockchain-based startups by the country’s competition regulator. The Australian Competition and Consumer Commission (ACCC) will scrutinize any dealings or attempts by Australia’s biggest banks to swallow Fintech companies developing technologies like blockchain solutions in the financial sector, revealed the body’s chairman Rod Sims. As has been the predominant narrative for well over a year now, the Fintech revolution is seen as the banking industry’s biggest disruptive threat.....
Australia's biggest banks might need approval for any future blockchain acquisitions, according to a key business regulator in the country. Speaking with Reuters, Australian Competition and Consumer Commission (ACCC) Chairman Rod Sims remarked that as domestic banks pursue opportunities in fintech including blockchain, it might spark the need for more active oversight from regulators like his agency. More specifically, the ACCC might have to get involved if major banks start buying up startups that might otherwise compete with them or other institutions. The comments come as Australia....
Competition in the mobile payments industry is heating up all over the world, but things are getting particularly interesting in Australia. The National Australia Bank has launched a new mobile payment solution for Android users, which will be in direct competition with Apple’s concept. Furthermore, the country’s largest banks are planning to keep boycotting Apple Pay for the foreseeable future. Bitcoin is still the only global mobile payment solution. Australian Banks Do Not Like Apple Pay. Even though any form of mobile payment solution should be designed to benefit the consumer, several....
Moreover, it is evident these Australian banks have no intention of supporting Apple Pay whatsoever, and collaborating in this regard seems the best possible outcome for all parties involved. Many people think the bigger banks are only opposing Bitcoin and cryptocurrency, but that is not entirely correct. Over in Australia, the banks are opposing Apple Pay as well. A new collaboration between the country’s three biggest banks will shake up things by quite a margin. If their approval is granted, the institutions will negotiate with Apple to install their own mobile payment solutions on....