Commonwealth Bank sees bigger risks is not participating in Crypto

Australian Commonwealth Bank shared their stance on the crypto adoption risk and claimed that there are no bigger risks participating. 

On 3 November, Commonwealth Bank of Australia announced their crypto services for Aussie users and after this, Commonwealth Bank became one of the first banks of Australia to give direct crypto services to their users. However, on such things, Australian agency ASIC shared his stance and suggested people remain away from those things, which are not under the regulation. 

On 19 November, Comyn- CEO of Commonwealth Bank of Australia, appeared in an interview with Bloomberg TV. In the interview, Comyn- was questioned about his take on the crypto industry. 

The CBA CEO responded to the question and described the Crypto and blockchain industry as an opportunity with a lower risk side. He noted: 

“We see risks in participating, but we see bigger risks in not participating. It’s important to say that we don’t have a view on the asset price itself, we see it as a very volatile and speculative asset, but we also don’t think that the sector and the technology are going away anytime soon.”

Comyn said that CBA only brought crypto services to the people. In the future CBA will do work inclined to crypto services to make the use of crypto in different ways for their users with the help of blockchain technology use. 

Further, Comyn said that they are working on understanding this technology more deeply to “build capability in and around DLT and blockchain technology”. He also said that, with their services, they will give better competition to the other crypto services providers. 

However, on this initiative by the high-level bank of Australia, On Nov. 22, ASIC chairman Joe Longo suggested all the Aussies remain aware of the crypto products which are under no regulation by the financial regulator agencies. 

These things are clearly showing that CBA is facing some kind of indirect pressure because of the crypto offerings. 

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