Australian crypto lobby group, Blockchain Australia, is moving beyond just blockchain technology and has decided to rebrand itself. The move, which borders on creating a wider appeal with a broader focus on fintech, will see the group drop “blockchain” from its name, adopting a new one — the Digital Economic Council of Australia (DECA).
Australia Crypto Group Undergoes Total Overhaul to Become DECA
More than merely changing its name, the group is also making a lot of changes to its internal structure. Recall that CEO Simon Callaghan recently stepped down from the role. This led to former operating chief Amy-Rose Goodey stepping up to take the mantle of managing director. Goodey said in a part statement:
“Originally, we had a lot of focus on the digital asset businesses who were the primary cohort, but we have expanded significantly.”
Explaining the new name adoption, Goodey noted that it has become necessary that the group evolves alongside the industry. She highlighted the different businesses that the group operates and emphasized the importance of having a name that captures all of these businesses. These include its digital ID, AI, Web3, consultants, and cybersecurity businesses.
Going forward, however, DECA plans to have eight membership categories. These categories will cover businesses in crypto and Web3, tokenization, government and charities, and most especially, payments and banking, among others.
Standoff Between Aussie Banks and Crypto Firms
DECA is trying to expand its reach to payments and banking firms, and the importance of that can not be overemphasized. For what it’s worth, there continues to exist a widening rift between the country’s banks and crypto firms.
This is captured in last year’s movement, which saw Australia’s “Big Four” banks and some smaller ones block certain payments to crypto exchanges. The banks — Westpac, Australia and New Zealand Banking Group (ANZ), National Australia Bank (NAB), and Commonwealth Bank, alongside others such as Bendigo Bank cited the risk of scams as the reason for the decision.
With a good understanding of the sour relationship between banks and crypto firms, the association is hoping to step in to create some sort of bridge to the gap.
To achieve this, however, Goodey has once again reiterated the need for proper regulation. The new M.D. says that banks must get to a point where they are comfortable with crypto. However, she also noted that a robust regulatory framework will play a prominent role in creating that level of confidence in the market. “We need that certainty. We need that framework,”she added.
