Bitcoin Ban by Banks to be investigated by ACCC

Rod Sims, chairman of ACCC, is considering to investigate the anti-competitive behaviour which is shown by most major banks of Australia when it comes to bitcoin companies, the Australia Financial Review reports.

Rod Sims, the chairman of the Australia Competition and Consumer Commission, is considering initiating an investigation into the matter of Australia banks taking the action of shutting down accounts of local bitcoin operators. Sims is pondering over the decision after being contacted by Matthew Canavan, a Queensland Nationals Senator.

bannedSenator Matthey Canavan was a part of the Senate Committee that recently looked into bitcoin and other such cryptographic currencies. He sent a letter to ACCC chairman Rod Sims after a report in the Australian Financial Review revealed that many Australian Banks were shutting down the accounts of local bitcoin operators without any formal explanation.

The senator urged Sims to investigate whether the banks are involved in anti-competitive behaviour by their action of shutting down the accounts of bitcoin operators. In the letter, Senator Canavan justified his plea to the ACCC chairman by saying that the action taken by banks directly hinders the growth of alternate currencies by

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