I am pleased to see Australian banks embrace the future with cryptocurrency.
For too long, banks have cast aside cryptocurrency as an illegitimate fringe pursuit. I am pleased the tide is turning, as digital assets are mainstreamed.
According to Finder, 31% of Gen Z own cryptocurrency, and 15% of all Australians have a cryptocurrency trading app. The people have spoken.
Now banks are adopting cryptocurrency, they should stop ‘debanking’ hardworking Australians. Last week AUSTRAC warned banks that debanking was not a good approach, saying: “The effect of de-banking of legitimate and lawful financial services businesses can increase the risks of money laundering and terrorism financing and negatively impacts Australia’s economy. For this reason, AUSTRAC continues to discourage the indiscriminate and widespread closure of accounts across entire financial services sectors.”
The Senate Select Committee on Australia as a Technology and Financial Centre was right to identify debanking as a major issue which damages people and our economy. Debanking is to be addressed by 4 of the 12 recommendations.
If adopted in full, the Senate’s crypto reform agenda would bring Australia’s regulations in line with the best in the world, like the UK and Singapore. These recommendations should be implemented within 12 months.
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Charlotte Mortlock
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