Are OZ banks blocking Bitcoin and virtual currency transactions citing vaguely written Ts & Cs. Has anyone in our OZB community affected.
News Article:
https://amp.smh.com.au/business/bitcoin-tensions-rise-as-inv…
OZ Banks Blocking Bitcoin and Virtual Currency Transactions?
bigbadboogieman on 30/12/2017 - 10:29
Comments
Oooo $3.20 =) yum, I bought when it was $0.31 some months ago.
Same but the I sold for the bitcoin boom made like 50% profit but if I had hodl my ripple I would have made ten times my amount lol..
Banks don't like it for obvious reasons: it has the potential to stop customers paying their shitty fees, providing their data to sell to third parties and avoids their "loyalty" schemes where customers are unconsciously manipulated into losing even more money to the banks.
I thought you were more discerning in recognizing "beat up" news stories.
Here is the same Michaela Juric AKA Bitcoin Babe reported by ABC News 22 September 2015
Bitcoin traders accuse Australia's biggest banks of declaring war on cryptocurrencies
It is to do with BUSINESS accounts with banks.
try BTCMarkets.. Still might take 1-2 business days for your money to appear.
Yes I opened an account with them, still have to wait for a letter to be sent in the mail to verify my id.. so slow!
Do a search on aussie banks that got busted conducted fraudulent activities this year. Banksters in glass houses getting nervous methinks.
I think this is exactly the issue. The Government is heating up the banks about money laundering so they are cracking done on unregulated currencies.
'Maybe' :) I suspect that if that is true then it is merely the excuse they using to fend off the coming crypt competition. For banks, dealing with 'government heat' usually involves just paying the fine as 'cost of business' and then moving along as usual. The government doesn't care about bank fraud…as long as it gets it's cut of the booty. Too cynical?
methinks too cynical. With a Royal Commission in the offing the Banks will be trying to deflect as much heat as they can. The Government is already bringing heat on the Banks about laundering. Personally I think the Government should be holding the Casino's feet to the fire over money laundering of illegal funds; but that is a too cozy relationship.
@try2bhelpful: Yeah I don't think the RC is too legit either. I get that Turnbull was forced to call one but I wonder why APRA seems to be off limits? And don't forget that Turnbull comes from bankster stock and will go back there once he gets booted out of office. He's not going to poop in his own nest too much.
Oh well, we'll see how it pans out I guess.
Have heard commbank blocking some peoples deposits to exchanges.
The market is highly speculative, there is no doubt about that but it has so much potential.
It would be nice if there was a blockchain backed by actual physical assets or a value generating business. For e.g. a business or investment trusts like a REIT (Real Estate Investment Trust) issuing crypto instead of going to the market for issuing securities.
That way the coin would be backed by some physical assets and it would be liquid. It could be a medium for small businesses to sell some equity to finance their growth in exchange for a share or profits represented by each unit of crypto issued.
Offshore bank accounts. Easy to setup, can be legal and the money doesn't have to enter Australia.
How would you do that?
Tried yesterday to open an account with Coinspot to buy ripple but wouldn't let me deposit as it says deposits in AUD has been suspended until early next year. PITA because ripple was $1.83 yesterday. $3.20 today!