The blockchain industry in Australia is taking a position against the recent restrictions imposed by local banks regarding crypto payments.

In a announcement on Wednesday, Blockchain Australia called out restrictions, and said that it wanted to “take the problem head-on using real data.”

Australia has recently seen a number of cases where banking partners have blocked payment to cryptocurrency exchanges. Last week, Commonwealth Bank applied partial restriction due to “scams” and “the amount of money that customers lost.” Binance Australia stopped Australian Dollar (AUD) withdrawals and deposits by bank transfer earlier this month “due” to a decision by a third party payment service provider.

Jackson Zeng of Blockchain Australia said that the recent decision of banking institutions to prevent millions of their customers to make payments to cryptocurrency exchanges is a significant curtailment of Australia’s economic freedom. “Everyone has an inherent right to decide how and where they use their money.” The banks’ primary role is to help people make these decisions and not to restrict them.

The industry group has decided to hold a roundtable on June 27 during Blockchain Week Australia to discuss this issue with policymakers. This could include Assistant Treasurer and Minister of Financial Services Stephen Jones and Australian Securities and Investment Commission.

The announcement stated that “Blockchain Australia believes that blanket restrictions can have very expensive side effects. Not only do they limit the consumer’s ability to use their own money but also shift the behavior of people at risk of fraud or scams into another type which is harder to detect.”

The group plans to launch an educational program on crypto, its benefits and how to recognize scams. It will also teach consumers to identify good actors and to recognize those who are not. They want banks to acknowledge these practices.

The announcement said that “banks providing opt-in protection, education, and notification to specific categories of customers at risk, with appropriate education, may be an “effective” way to reduce crypto-related frauds without payment limitations.

Binance Australia stops AUD bank transfers as search for payment partner drags on

Sandali Handagama is the editor.