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Australia’s Bendigo Bank has become the latest bank in the country to block crypto payments. The bank recently announced that it was blocking “high-risk crypto payments” in a bid to protect customers from investment scams. 

New Rule To Affect Fiat On-Ramp

Bendigo’s announcement comes after similar moves by other major banks in the country, including National Australia Bank, Westpac, and Commonwealth Bank. According to the bank, this move aims to combat fraudulent transactions, including ones made with crypto.

Although there aren’t specific details as to what transactions or exchanges will be affected, it will undoubtedly affect how crypto users in the country perform crypto transactions and hinder fiat on-ramping to these exchanges. This undoubtedly causes a setback to the growing adoption of cryptocurrencies in the country.

Debanking Is Not The Solution

The banks that have moved to block crypto payments have stated that the aim is to curb fraudulent transactions. However, there is enough reason to believe that this move isn’t necessarily the solution and may be counterproductive. The bad actors will just look for other means to carry out their illicit activities. 

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