As the global banking community is seen to be steadily closing ranks against crypto, Australia seems to be experiencing an extra dose of this chilly reception. At least five major Australian banking institutions, including Bendigo Bank, Commonwealth Bank, National Australia Bank (NAB), Westpac and ANZ, have imposed significant limitations on customers’ capability to deposit and withdraw crypto from digital asset exchanges.
Commonwealth Bank, for instance, has set a stringent $10,000 per month deposit limit on all crypto exchanges. These restrictive measures by banks has spurred Australian crypto exchange, Independent Reserve to forge a groundbreaking partnership with Paypal. This alliance grants Independent Reserve’s customers the ability to directly fund their crypto accounts with fiat via their Paypal wallets, creating an on-ramp that defies banking restrictions.
Emphasizing that this is the first ever partnership between Paypal and a crypto exchange in the APAC region, the CEO of Independent Reserve, Adrian Przelozny, lauds Paypal’s opting to approach the crypto sector from a positive stance. He contrasts this to the limiting perspective of the banks that view the industry as a risk, portraying a battle of outlooks – a glass half empty versus a glass half full approach.
Amidst this defiance, one can’t help but question the implications of this fight against the current. On one hand, the move potentially expands the choices for Australian crypto investors and guards against future risks if more banks decide to strengthen their guard against the industry. On the other hand, however, the fact that the exchange has to look elsewhere to sidestep banking restrictions suggests a looming uncertainty over the mainstream acceptance of cryptocurrencies.
Still, there’s a glimmer of optimism. Peter Cowan, the managing director Paypal Australia, expresses bullish sentiments on digital currencies. He posits that money will inevitably become digital and that these digital currencies could spearhead financial technology innovation. These viewpoints against ‘crypto-averse’ banking tactics suggest a keenly contested perspective about the crypto industry – a clash of ideologies, if you will.
In the end, perhaps the solution lies not in picking one side over another, but in fostering an environment where both the bold embrace and cautious scepticism about cryptocurrencies can co-exist. After all, every revolutionary technology needs both its early adopters and its skeptics to truly come of age.
Source: Cointelegraph
