Major Australian Banks Eyed by Government To Block Blockchain Monopolization
Australian banks, both government funded and commercial institutions, demonstrated the tendency to manipulate certain industries and companies in order to gain monopoly over the market in the past year. The national government is closely eyeing these banks to ensure that the Blockchain market is free from excessive control. In early 2016, Australian banks and financial institutions banned bank accounts of Bitcoin without any prior notice or formal explanation. According to the banks, this was a part of a larger initiative to gain control and establish a Blockchain market in Australia. As....
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A major bank in Australia is developing a blockchain-based system for the sale of government bonds. The Australian Financial Review reported that Commonwealth Bank of Australia has designed a blockchain network concept that could be utilized to issue and exchange government bonds. The Queensland Treasury Corporation, which acts as the Australian state’s central financing authority and provider of treasury services, is said to have tested the concept. Other states in Australia, according to the newspaper, have also eyed the technology. Deputy CEO for the Queensland Treasury Corporation....
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.....
Australian banks have advised Australian bitcoin companies they are closing their accounts, according to The Australian Financial Review. The publication has seen the letters from Westpac Banking Corporation and Commonwealth Bank of Australia. Ron Tucker, chairman of The Australian Digital Currency Commerce Association, said all large Australian banks were shutting the door on bitcoin companies. The banks sent letters to Australian bitcoin exchanges, including Bit Trade and Buyabitcoin. The letters said the banks will close the exchanges' accounts and did not give any explanation. At least....
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....
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.....