Australia’s largest bank sees ‘greater risks of not participating’ in crypto – Bitcoin News Featured
The CEO of Commonwealth Bank of Australia (CBA), the country’s largest bank, sees big risks in not participating in cryptocurrency. “We see risks in participating, but we see greater risks in not participating,” he explained.
Crypto FOMO, Banks Must Get Involved, Commonwealth Bank CEO Says
Commonwealth Bank of Australia CEO Matt Comyn spoke about Fear of Running Out (FOMO) regarding bitcoin and cryptocurrency in an interview with Bloomberg Television in Sydney on Thursday. Commonwealth Bank, or Commbank, is an Australian multinational bank with businesses in New Zealand, Asia, the United States, and the United Kingdom.
Comyn explained that although cryptocurrencies are “very volatile and speculative,” banks need to be involved in crypto and blockchain technology, citing the insatiable demand from customers to trade crypto. He said:
We see risks in participating, but we see greater risks in not participating.
While emphasizing: “It is important to say that we have no opinion on the asset class itself,” he noted, “We see it as a very volatile and speculative asset.
Additionally, the bank believes crypto is here to stay. The CEO of Commbank said:
We also don’t think the industry and the technology are going to disappear anytime soon. So we want to understand it, we want to offer a competitive offer to customers with the right information on risks.
The boss of the Commonwealth Bank also commented on central bank digital currencies (CBDCs). “Many central banks are examining the applicability of a central bank digital currency, what would it look like, what the benefits would be,” he said. “This is something we would like to participate in. We believe it is important for Australia to build capacity and pilot different versions of the future. We hope to be able to play a role in that regard. “
Earlier this month, the bank announced that it will offer certain customers the ability to buy, sell and hold crypto assets directly through its app in partnership with crypto exchange Gemini. including bitcoin, ethereum, bitcoin cash and litecoin, ”the bank said, adding that“ the pilot will begin in the coming weeks and CBA intends to gradually roll out more features to more customers in 2022. ”
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