Australian Banks cannot block customers from transferring money to Crypto Trading Exchange

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Background:

Several Cryptocurrencies such as Bitcoin, Ethereum, Litecoin have become popular as a technology, platform, investment and asset class in the last 12 months. With their rise in popularity, individuals anywhere in the world now have a unique opportunity to be part of the future of money and this massive change.

There are now several trust worthy and established cryptocurrency exchanges in Australia and around the world that allow individuals to buy, sell and hold various cryptos.

Recent Developments:

Until recently, banks and investment bankers did not consider Cryptocurrencies to be a serious form investment and a threat to their monopoly in global finance. With the recent global spike in interest in Bitcoins and other major cryptocurrencies, banks and their bosses are starting to get worried about its ability to by-pass the traditional banking system and create a true global Peer-to-Peer financial system. 

In order to impede the rise of cryptocurrencies, major banks are now starting to disrupt payments/fund transfers by customers to reputed Aussie crypto exchanges.

My Appeal:

As a techno enthusiast, global citizen and a believer in democracy, I think this move by the banks is questionable and potentially illegal and violates our rights as consumers. 

I appeal to all who believe in equity of wealth, technology and information to sign this petition and send across a sincere message to the banks and the authorities to investigate and prohibit this ad-hoc move by the banks that limits our ability to use our own money.

Image Source: fintechist.com



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