Australian Bank Bitcoin Crackdown Could Fuel Startup Flight
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....
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Bringing the social and governance spheres to the discussion about the sustainability and potential of blockchain technology. In a little more than 40,000 days — or over a hundred years — we have gone from the first terrestrial flight to the first flight on another planet. Within that short time, the amount of fuel burned and, unfortunately, even lives lost have been immense. In exchange, flight has completely transformed everything from commerce to warfare and has led to the birth of completely new industries. As aviation progressed, fuel efficiency improved and mortality rates also....
Australia's largest banks have ended all financial support and abruptly closed down the bank accounts of at least 17 Australian Bitcoin companies, including the Australian Digital Currency Commerce Association Chairman Ron Tucker's Australian bitcoin exchange Bit Trade. "The banks had not advised any of our members. To the best of our knowledge all, or nearly all digital currency businesses have received letters from their bank, or in many cases banks, advising of the closure of their accounts. This includes at least 17, with 13 of these closed permanently," Tucker told Bitcoin Magazine.....
The Nigerian startup behind the social payment app for cryptocurrency and fiat, Kurepay, says the Central Bank of Nigeria (CBN)’s current crackdown on crypto entities has forced it to suspend operations in Nigeria.
‘Horrible’ Year for Crypto Adoption
According to a report by the Cryptoassetbuyer, this suspension of operations is set to commence at the start of the first quarter of 2022. At that time, Kurepay, whose app harnesses blockchain technology, will begin to restrict its business to over-the-counter (OTC) and crypto consulting services.
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