[2015-10-04] Reuters: Bitcoin flounders in Australia as regulatory worries bite

[pawel7777]

Bitcoin flounders in Australia as regulatory worries bite

www.reuters.com/article/idUKKCN0RY02H20151004?irpc=932

SYDNEY (Reuters) - Australian businesses are turning their backs on bitcoin, as signs grow that the cryptocurrency's mainstream appeal is fading.

 Concerns about bitcoin's potential crime links mean many businesses have stopped accepting it, a trend accelerated by Australian banks' move last month to close the accounts of 13 of the country's 17 bitcoin exchanges.

The development is a blow to hopes of bitcoin fans that the currency can play a significant role in everyday business transactions in developed economies, with Australia once seen as one of its most promising markets. It is estimated to hold 7 percent of the currency's $3.5 billion global value, a sizeable figure in a country of just 24 million people.
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[aso118]

As usual, it is the banks which are the pain points.
This coordinated move by banks against Bitcoin seems fishy. I doubt if it is only because of Bitcoin's potential crime links.

[harrymmmm]

Australia is a USA copy without the guns and innovation.
There is no way Australia will be a center of significant innovation in any area, let alone a game-changing innovation like bitcoin.

[Kprawn]

It was started by the banking sector and it's anti-competition behavior. They knew Bitcoin will disrupt their business and they ganged together in a group to effectively stop

conversion from Bitcoin to fiat on the exchange levels. They are also working on their own Blockchain based technology... So they are trying to slow Bitcoin down, until they can

enter the market with their own "Bankcoin" ...They will soon have to go to court for this action, because it's against the laws in that country to push out the competition.

[Denker]

As usual, it is the banks which are the pain points.
This coordinated move by banks against Bitcoin seems fishy. I doubt if it is only because of Bitcoin's potential crime links.

Of course it is not.This is a coordinated move by the banks. They fear Bitcoin.
And the media is spreading bs because merchants don't fear Bitcoin or that it might damage their image accepting it.
The can not use Bitcoin anymore because the banks blocked the merchants' accounts accepting it.

Let the banks fight.They will fail if they really believe this is a way to stop Bitcoin.Good luck!

[aso118]

They will soon have to go to court for this action, because it's against the laws in that country to push out the competition.

They already have their excuses ready. They didn't close down accounts because Bitcoin is competition.
It is because of this.
lack of transparency and regulatory oversight raises a number of risks for users and also poses risks for the payments system, the integrity of the financial system and the erosion of the tax base

[Kprawn]

They will soon have to go to court for this action, because it's against the laws in that country to push out the competition.

They already have their excuses ready. They didn't close down accounts because Bitcoin is competition.
It is because of this.
lack of transparency and regulatory oversight raises a number of risks for users and also poses risks for the payments system, the integrity of the financial system and the erosion of the tax base

They will not publicly admit what they really doing, it will cost them millions in court settlements in years to come. They will use silly excuses like this, and then create a similar technology based on the blockchain,

with counter arguments that their technology adhere to sound financial principles and audits. Anyone want to wager a bet that this is what they are doing? Keep a close eye on this matter, it will play out in the

courts soon, when people realize what they doing and start with collective actions against these practices.