Open Letter to Commonwealth Bank
The Australian Bitcoin Industry Body (ABIB) has responded to recent actions taken by the Commonwealth Bank of Australia (CBA), which imposed new restrictions on payments to bitcoin exchanges. In an open letter, ABIB voiced concerns about the lack of consultation with the bitcoin-only industry and the transparency surrounding these changes. Representing bitcoin-only exchanges committed to regulatory compliance and consumer protection, ABIB is calling for a collaborative approach to address fraud risks while ensuring Australians can freely engage in legitimate bitcoin transactions.
You can read the original post on the Australian Bitcoin Industry Body’s X Account.
Media Release
For Immediate Release
June 15, 2023
Contact: Jeremy Majid, CEO, Australian Bitcoin Industry Body
Email: media@bitcoinindustrybody.org.au
Website: www.bitcoinindustrybody.org.au
ABIB Urges Commonwealth Bank to Reconsider Restrictions on Bitcoin Transactions
The Australian Bitcoin Industry Body (ABIB) has today issued an open letter to the Commonwealth Bank of Australia (CBA) expressing concern over recent restrictions on payments to bitcoin exchanges. The new measures, implemented without consultation with the bitcoin-only industry, have raised significant concerns within the community due to a lack of transparency and the potential impact on consumers.
ABIB acknowledges the importance of addressing scams and fraud in the financial sector, but highlights that blanket restrictions on how Australians choose to spend their money are not the solution. As a body representing bitcoin-only exchanges, ABIB stresses that its members adhere to strict AUSTRAC compliance, work diligently to minimize scams, and actively innovate customer onboarding processes to protect consumers.
ABIB’s CEO, Jeremy Majid, stated: “Bitcoin is a decentralized digital asset with legal tender status in countries like El Salvador, and it is widely regarded as a secure, long-term store of value. Blanket restrictions unfairly penalize legitimate bitcoin users and ignore the fact that Bitcoin operates outside the speculative nature of many other cryptocurrencies.”
The open letter calls on CBA to engage with the bitcoin-only industry and consider more targeted approaches to combat fraud, without imposing unnecessary restrictions on genuine bitcoin users. ABIB has proposed collaboration on measures that could reduce scams while preserving the rights of bitcoin customers. It also seeks more transparency from CBA regarding how and why these restrictions are being applied, as well as providing an option for customers to opt-in for unrestricted transactions with bitcoin-only exchanges.
For further information or to arrange an interview, please contact:
Jeremy Majid
CEO – Australian Bitcoin Industry Body (ABIB)
Email: media@bitcoinindustrybody.org.au
