Blockchain industry stakeholders in Australia are pushing back against recent restrictions on crypto payments by local banks. In an announcement on Wednesday, Australian cryptocurrency industry body Blockchain Australia called for tackling the issue head-on through the use of real data.​

The industry body has decided to host a roundtable discussion on June 27 during Australia Blockchain Week to discuss the issue with policymakers, potentially including Assistant Treasurer and Financial Services Minister Stephen Jones and the Australian Securities and Investments Commission.​

Blockchain Australia director Jackson Zeng said banking institutions’ recent decision to restrict millions of customers from making payments to cryptocurrency exchanges is a serious restriction on Australia’s economic freedoms. Everyone has the inherent right to decide how and where their money is used, and the primary role of banks is to facilitate these decisions, not to impose restrictions on them.​

Earlier on June 8, Australian banking institutions are making it more difficult to transfer funds to cryptocurrency exchanges, citing the risk of fraud. The latest move comes from the country's largest commercial bank, the Commonwealth Bank of Australia, which plans to set a monthly payment limit of 10,000 Australian dollars (US$6,663) for digital asset trading platforms, and some transfers will be put on hold for 24 hours or rejected. (CoinDesk)