Simon Callaghan, CEO, Blockchain Australia, has asked Australian banks, the government and crypto sector to make joint efforts towards tackling cryptocurrency scams, as stated by Cointelegraph.
According to Cointelegraph, Callaghan stated that the alliance will help avoid crypto frauds, at Australian Blockchain Week. “We’re going to have to work with the banking sector. We’re going to have to work with the government,” Callaghan mentioned.
Based on Cointelegraph’s data, Callaghan spoke on the origination of scams through social media and telecommunication platforms. “Crypto is either an exit point or minor piece in the lifecycle of the scam, the scam happens much further up the chain,” Callaghan highlighted. From what it’s understood, Callaghan emphasised that certain countries have been able to manage cryptocurrency scams, along with hopes that Australia can also set an example.
Moreover, Cointelegraph noted that Australian government has projected its intentions to manage the matter, with Australian Competition and Consumer Commission (ACCC) ready to unveil its National Anti-Scam Center on July 1, 2023.
“I think it has been pointed out that crypto at the moment is a significant vector for scams, and so obviously, it’s part of the centre of their work; they will also be focusing on crypto,” Trevor Power, assistant secretary, Australian Treasury, concluded.
(With insights from Cointelegraph)
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