‘Big 4’ Australian Banks Will Be Monitored to Avoid Blockchain Monopolization
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.....
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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....
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....
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....
While it may seem clear to the general public there was no collusion effort by the investigated banks; the Bitcoin community still feels there is a lot more to this story than meets the eye. Even though there are plenty of financial institutions who have taken a keen interest in the development of blockchain technology, some Australian banks were taking a slightly different approach. By actively blocking fiat currency withdrawals from Bitcoin exchanges, rumors of possible collusion started popping up. After an investigation by the Australian Competition and Consumer Commission – or ACCC in....
The Australian Competition and Consumer Commission (ACCC) is investigating why some Australian banks are closing bitcoin business bank accounts, according to the Australian Financial Review. The Australian Financial Review previously reported that 17 bitcoin companies in Australia received letters from banks saying they planned to close their accounts. Nationals Senator Matthew Canavan asked the ACCC to investigate the matter. Rod Sims, chairman of ACCC, said banks have been asked to explain their actions. He said the commission is also asking the banks what contact they had with each....