/biz/ - Business & Finance

>Australia is in a housing property bubble
>Banks are denying Australian the ability to buy crypto with their fiat.
>Australians are rightfully pissed off, massive backlash on social media and other sites
>Banks are denying purchases of crypto because Australians are draining their savings accounts into crypto which is hurting their cash reserves, which is hurting their ability to give out/maintain loans.
>Australian banks are required to hold 11% of cash for all the loans they write, however 90% of this "cash" is locked up in inter-bank loans, meaning that they only really have around 1.22% of the cash available
>Australians have been pouring millions into crypto in 2017, and are likely to have one of the highest adoption rates of crypto in the world
>Because crypto is netting Australians more gains than they would see in a lifetime investing in a savings account

Banks here are literally shitting themselves and preventing Australians from buying crypto because they'll have to defautl/write off potentially billions of dollars worth of loans if their cash reserves continue to dwindle.

Cryptocurrencies could literally burst the Australian housing market bubble