Commonwealth Bank of Australia finds missing out on crypto risky

With the massive crypto adoption in the past year, Australia has seen tons of new investors hopping into the space, and the Commonwealth Bank of Australia is one of the biggest contributors. The Chief Executive officer (CEO) of the bank, Matt Comyn, said that the bank is highly concerned about the risks of missing out on digital assets.

As TheCoinRise reported on November 3 about the announcement of Commonwealth Bank supporting trading of 10 digital assets on its banking app, now it is gearing up to become one of the “big four” banks in the country to provide crypto-based services. 

While speaking with Bloomberg on November 19, Comyn was asked about the bank’s take on the crypto sector, to which the CEO responded that the bank sees risks in participating, but it finds not participating a bigger risk. 

Comyn further stated that it is crucial that he doesn’t have a view on the asset price, but he finds it highly speculative and volatile. However, he also added that the industry and technology are not going away anytime soon.

Comyn also hinted that the CBA’s crypto adoption strategy would be expanded in the future, noting that the Commonwealth bank observes use cases for blockchain technology along with significant consumer demand.

As a result, he added that he wants to understand it so that we can deliver a competitive service to clients with the appropriate risk disclosure. He went on to say that the bank wants to establish capability in and around DLT and blockchain technologies.”

Commonwealth Bank and ASIC share contradictory views

As TheCoinRise reported yesterday, an Australian senator appreciates the efforts by the Commonwealth Bank along with stating the sector’s potential to solidify the country’s economy. 

However, on the other hand, the Securities and Investments Commission (ASIC) of Australia has warned investors about the sector’s underlying concerns.

While speaking at the Australian Financial Review Super & Wealth Summit yesterday, the chairman Joe Longo said that the asset class does not come under the scope of “financial products” in Australia.

Crypto continues to strike fear in the hearts of banks and governments alike. The speculation from the authorities have a reason, which was once cited by John Mcafee. However, for more insights on the Australia’s divided views, you can visit the daily roundup by TheCoinRise here.