In the backdrop of rising cryptocurrency scams, Blockchain Australia’s new CEO, Simon Callaghan, is mobilizing a collective effort involving Australia’s banks, the government, and the local crypto community to tackle this burgeoning issue.
Callaghan, whose call to action resonated during the final day of Australian Blockchain Week in Melbourne on June 30, pinned down scams as the originating point on social media or telecommunication channels. He remarked, “Crypto is either an exit point or minor piece in the lifecycle of the scam, the scam happens much further up the chain.”
Echoing his view, Trevor Power, an Australian Treasury assistant secretary, announced that the Australian Government is investing quite heavily into reducing scams with National Anti-Scam Centre playing a crucial role in battling crypto-related scams.
Where banks and other players are showing willingness to join the fight against scam, it is the social media platforms where the real problem lies. With rising consumer awareness, people are becoming more vigilant, yet the perpetrators of these scams are becoming increasingly adept at using exploits to their advantage.
While the global fraternity is fighting to turn the tide against these illicit activities, it is worth noting that few countries have managed to cooperate efficiently to combat cryptocurrency scams, highlighting a global gap in policing efforts. However, Australia’s shared hopes can potentially pave the way for a breakthrough in co-operative attentiveness in this domain.
Paradoxically, the efforts to prevent scams could put a squeeze on the freedom that the blockchain and crypto sphere currently enjoys. As regulation steps in to protect consumers, the industry could become further centralized. This move might subsequently reduce the appeal of these technologies to hardcore decentralization evangelists.
Blockchain Australia is now keeping its focus also on preventing scams. Their strategy involves examining scam data collected from cryptocurrency exchanges in order to share “best practices” for scam and fraud prevention with others in the industry.
In this context, strikes a balance between regulation and freedom, protection and innovation proves to be the linchpin of the intrigue. The ongoing efforts of Blockchain Australia indicate a leaning towards achieving this balance. It remains to be seen how successful these efforts will be in carving a safe yet open crypto landscape.
Source: Cointelegraph
