Any Oz Bullion Dealer Accept Bitcoin?

[SilverDJ]

As the title says. Is there anyone?

 

[Ipv6Ready]

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.

 

[Phil_Stacker]

They are also not GST exempt, which increases tracking requirement.

Besides - it's just a fad like this interweb thing.

 

[Ipv6Ready]

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.

 

[SilverDJ]

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.

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?

 

[Ipv6Ready]

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.

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.

 

[SilverDJ]

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/

 

[sfstacker]

Bullionexchanges.com accepts bitcoin

 

[Phil_Stacker]

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.

 

[Ipv6Ready]

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/

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

Acting chief executive of the Australian Bankers' Association Tony Pearson said banks were obliged to close accounts if they couldn't see a full payments trail under AML/CTF laws. He said the lack of transparency and regulatory oversight raised a number of risks for users and also posed risks for the payments system.

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,