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Despite Stricter Crypto Regulations, Australian Banks Still Reluctant Towards Cryptocurrencies

April 14, 2019 / David Cox

Crypto space across the globe are being brought under severe regulations, especially after the market crash of 2018, where many digital currencies lost up to 90% of their price value. Major economies like India, US, China, and Japan have all either placed several regulations or in the process in doing so.
In some countries, authorities have banned traditional banks from providing services to crypto related businesses. For instance, the Reserve Bank of India released a circular in April 2018, prohibiting banks for serving banks from providing services to cryptocurrency related businesses, which led to the closure of many crypto exchanges in the country. Similar bans were put in place in many countries including the world’s second largest economy, China. Australia has no such restrictions in place which restrict crypto businesses, but strangely, banks and other financial institutions still keep avoiding and depriving the crypto space. Australian banks are known for their rel...