ACCC: Please investigate the misconduct of banks denying services to Bitcoin Companies
This petition had 232 supporters
Bitcoin is an innovative payment network and a new kind of money.
Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.
Bitcoin is recognised by the Australian Taxation Office as a taxable item, and thus is subject to GST, as any other business would be. Bitcoin businesses are also required to conduct Know Your Customer (KYC) and Anti-money Laundering checks - the exact same laws that banks must follow. Despite this step in trying to regulate it, and make it safe for all, Banks still refuse to deal with Bitcoin businesses, and in some cases, deny their customers access to even buy Bitcoin!
It has been discussed and agreed upon world wide - Banks see Bitcoin as a threat! So in order to stop themselves from being found guilty by organisations like the ACCC for violating anti-competitive consumer laws, banks make us out to be fraudulent money launderers facilitating crime... All the while they are producing media releases saying they are experimenting with Bitcoin and blockchain technology to better their own systems!
You might not understand Bitcoin, what it does, how it works, or how it can enrich the lives of many, but you will understand the idea of corporate greed. Backing the little guy into the corner hoping they will be knocked out of the industry, like a bully for your lunch money. It's wrong and it needs to stop. This is peoples livelyhoods, and what is being done is unfair and uncalled for.
The ACCC (Australian Competitive and Consumer Comission) are the regulatory body who oversee the conduct of the banks, and are the decision makers when it comes to whether or not the issue is worth investigating.
Unfortunately, the ACCC will not investigate this misconduct on the plights of a handful of traders. Because of this, many traders just admit defeat and move on from Bitcoin.
This is why we need help from the public, to help bring enough awareness to the fact that we are being treated unfairly, and hopefully, finally prompt the ACCC to investigate!
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