Would be brave, as most banks would close the dealers merchant accounts "if" a customer of the dealer was involved in money laundering or funding terrorist organiszation.
They are also not GST exempt, which increases tracking requirement. Besides - it's just a fad like this interweb thing.
I think it's gone beyond a fad, it is the go to currency for low level crime syndicates to transfer cash and speculators.
Yet they'll all happily accept cash in a brown paper bag from a guy who walks in with a trench coat and Groucho Marx glasses?
Cash Yes, no banks would care, austrac won't care if the money is legit. Bitcoin no, though AUSTRAC don't care as long as it legit, banks will likely cancel the dealers accounts if they know the payment was in bitcoin.
What makes bullion dealers different to any other company in Australia that accepts bitcoin? Why do the banks care if your company accepts bitcoin, or TimTam's, or silver coins as payment? Have the banks shut down the accounts of all these companies that accept Bitcoin? http://bitfinderplus.com.au/
I just don't understand it, even after I've looked into the logical process of construction "mining", transfer and confirmation. It does ring true as something that should be valuable. If it's not in my hand I don't trust it. I know they printed some bitcoins, but that still doesn't cut it for me.
It seems most banks are worried about falling foul of various anti terror rules. And many seems to think (especially Australian banks) people active with bitcoins are likely to be higher risk and they don't want to have much to do with it. If I was running a business I wouldn't except bitcoin until it was made clear that my merchant accounts are not at risk. Bearing in mind bitcoins are niche for most businesses not havering credit card or eftpos will have a great impact. http://www.afr.com/technology/big-b...le-for-the-future-of-payments-20150921-gjr7hu http://www.afr.com/technology/accc-...-to-block-bitcoin-competition-20160205-gmmxmc As for the business in your link, good on them for taking the risk. From the article The above quote is a bit of spin, the likely reason is that if the bank breach AML/CTF rules they could lose their licence or face big fines,
