Tensions Surge as Major Australian Banks are Shutting Down Bitcoin Investors’ Accounts

A number of Bitcoin investors are protesting against alleged unfair treatment by major Australian Banks. The banks in question include the National Australia Bank, Commonwealth Bank of Australia, Westpac Banking Corporation, and ANZ.

Said banks have started to freeze bank accounts of Bitcoin traders.

On the last week of December 2017, Alex Saunder, an Australian cryptocurrency trader and famous YouTuber, publicly called out all the major banks that have been linked to controversies associated to the poor treatment of these giant financial institutions to traders.

While many banks continue to be tight-lipped on the issue, a representative from the Commonwealth Bank defended its stand on the issue during an interview with Sydney Morning Herald.

During the said interview, the representative stated that the bank does not recommend cryptocurrencies as they have not been completely regulated.

In May 2017, the Australian Government released a report that stipulates the 2017-2018 budget of the country. A section of the budget report reveals that the government intends to eliminate double taxation that has been imposed on cryptocurrency trading including Bitcoin.

The Australian Government has also reaffirmed its position on providing a friendlier and fair ecosystem for both the users and cryptocurrency-based businesses.

Part of the budget report reads:

“The Government will make it easier for new innovative digital currency businesses to operate in Australia. From 1 July 2017, purchases of digital currency will no longer be subject to the GST, allowing digital currencies to be treated just like money for GST purposes.”

As banks continue to close doors and cryptocurrency exchanges are starting to limit the acceptance and use of AUD deposits, traders and bank account holders are left in the limbo and continue to wait for answers.