SYDNEY / LONDON (IT BOLTWISE) – The Australian Bitcoin Industry Body (ABIB) has lodged a formal complaint against the Australian Broadcasting Corporation (ABC). The reason: A recently published article about Bitcoin contained numerous misrepresentations and factual errors. ABIB criticizes that the article portrays Bitcoin as unstable and a tool for criminals, while ignoring the positive aspects for energy and humanitarian purposes.
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The Australian Bitcoin Industry Body (ABIB) has lodged a formal complaint against the Australian Broadcasting Corporation (ABC). The complaint is against a recent article that portrays Bitcoin in a negative light. According to ABIB, the article contains numerous misrepresentations and factual errors that ignore Bitcoin’s potential for energy and humanitarian purposes.
The complaint alleges that the article portrays Bitcoin as unstable and a tool for criminal activity. Not only is this portrayal misleading, it also ignores Bitcoin’s well-documented global and local use cases. ABIB highlights that only 0.14% of on-chain transactions are related to criminal activity, while fiat currencies are more commonly used for illegal activities.
The ABC now has 60 days to respond to the complaint. If the response is not satisfactory, the matter may be referred to the Australian Communications and Media Authority (ACMA). This could then initiate an investigation and, if necessary, take action, such as a warning or a licensing decision.
ABIB also criticizes the article for claiming that Bitcoin has not achieved any of its stated goals and is not a reliable store of value. This view contradicts the increasing institutional adoption of Bitcoin, which has accelerated in recent years. Large companies and investment managers who were previously skeptical are now starting to get involved in this area.
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