Australia’s largest bank sees ‘greater risk of non-participation’ in crypto – featured Bitcoin News

The CEO of the Commonwealth Bank of Australia (CBA), the country’s largest bank, sees a big risk in not participating in cryptocurrency. “We see risks in participating, but we see big risks in not participating,” he explained.

Crypto FOMO, banks need to be involved, says Commonwealth Bank CEO

Matt Cummin, CEO of the Commonwealth Bank of Australia, spoke in an interview with Bloomberg Television in Sydney on Thursday about the fear of losing Bitcoin and cryptocurrency (FOMO). Commonwealth Bank, or Comebank, is an Australian multinational bank with businesses across New Zealand, Asia, the United States and the United Kingdom.

Cumin explains that although cryptocurrencies are “very volatile and speculative”, banks need to engage in crypto and blockchain technology, citing unsatisfactory customer demand for crypto trading. He said:

We see risks in participating, but we see big risks in not participating.

While emphasizing, “it is important to say that we have no vision in the asset class,” he noted, “we see it as a highly volatile and speculative asset.”

Moreover, the bank believes that crypto is here to stay. Combank’s CEO commented:

We also don’t think the sector and technology are going to go away anytime soon. So we want to understand that, we want to give customers a competitive offer with accurate disclosure about risk.

The Commonwealth Bank boss also commented on the central bank’s digital currency (CBDC). “Many central banks are looking at the applicability of a central-bank digital currency, what it will look like, what its benefits will be,” he said. “It’s something we want to participate in. We think it’s important that Australia builds capabilities and pilots different versions of the future. We are hopeful that we can play a role. “

Earlier this month, the bank announced that it would give some customers the ability to buy, sell and hold crypto assets directly through its app in partnership with crypto exchange Gemini. “CBA will give customers access to up to ten selected crypto assets. With Bitcoin, Ethereum, Bitcoin Cash and Lightcoin, the bank said, “the pilot will launch in the coming weeks and CBA wants to roll out more and more features to more customers in 2022.”

What do you think of the remarks made by the CEO of the Commonwealth Bank of Australia? Let us know in the comments section below.

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