The Australian Financial Commission says it no longer accepts bitcoin payments as of November 30, 2019.
The statement says it is a ‘crazy idea’.
The AFC said it was “determined to ensure that the bitcoin community has full confidence in the integrity of its digital currency payment systems”.
It said it would consider whether it should continue to process bitcoin payments.
“While we have received a number of inquiries from customers about this issue, we are confident that our payment systems are secure and that we have a robust network of support and support for all customers,” the AFC wrote in a statement.
The statement comes after the AEC said it had received “a number of enquiries” about bitcoin.
Australian banks, including Western Union, Visa and Mastercard, all have their own bitcoin processing systems.
Bitcoin is a digital currency which can be traded anonymously online.
The digital currency is used by individuals and businesses to make purchases, but the exchange rate between the digital currency and other currencies is volatile.
‘No way’ to handle bitcoin for AustraliansThe AEC says it does not have the power to regulate bitcoin, but it does have regulatory authority over the banking sector.
In a statement, the AFA said: “While we do not have specific regulatory powers over the bitcoin industry, we do have regulatory authorities over the financial services sector, which has significant control over the digital currencies market.
Australian Financial Review contacted the Bitcoin Association for comment.”
We have been working with the Bitcoin Foundation and the Bitcoin Core developers to ensure our regulatory and enforcement decisions are consistent with their commitment to the integrity and soundness of bitcoin.”
Australian Financial Review contacted the Bitcoin Association for comment.