Despite an increase in crypto adoption spanning multiple enterprises and regions across the world, there are some that are just not into it at all. Australia remains a region with a strict stance over the use, trading, or withholding of cryptocurrencies. Many banks around the world have adopted the decentralized finance, and for that to happen, they have to merge or work in close collaboration with multiple crypto firms.
But Australian banks are reluctant to do so, and these are not the ordinary ones but the top-of-the-line financial institutions in Australia. For this, two Australian banks were criticized and stigmatized, but they dismissed this obsolete try at making them work with the crypto exchanges.
Many companies in Australia had some falling out with the crypto industry, and for this reason, they are not willing to work with crypto firms or exchanges. The National Australia Bank and Westpac were among those financial institutions who disregarded the criticism for their choice of not working with cryptocurrencies or their providers. A country, a person, or an enterprise is entitled to their understanding of things and their perception of the blockchain technology, but just so it happens, it is clearly putting hurdles in the way of ultimate crypto growth within the country.
Crypto Legal Framework is Missing in Australia
There was an Australian Bitcoin trader who wanted to explore the trading world and was denied support by over 90 banks across the region. There is a rule in Australia that banks won’t accommodate consumers who are interested in crypto trading or want to interact with the crypto market in any possible way. The local crypto enthusiasts have their own spin on the situation; they believe that banks don’t accommodate them in any possible way because they want to buy some time to be able to judge the current market situation and then benefit themselves within the market, but this is pure speculation one part of these crypto merchants.
If it continues the way it is going right now, then afraid so there won’t be a crypto market to interact within Australia. The regulatory offices and bodies should jump in when they have the time to neutralize the situation and provide a complete legal framework for these cryptocurrencies to be able to grow and become useful financial tools for local merchants.