The CEO of the Commonwealth Bank of Australia (CBA), the country’s largest bank, believes that not participating in cryptocurrency is very risky. “We see the risks of participating, but we see the greater risks of not participating,” he explained.
The CEO of Commonwealth Bank said that for cryptocurrency FOMO, banks need to be involved
Commonwealth Bank of Australia CEO Matt Comyn talked about the fear of Bitcoin and cryptocurrencies in an interview with Bloomberg TV in Sydney on Thursday.Commonwealth Bank (Commbank) is an Australian multinational bank with operations in New Zealand, Asia, the United States and the United Kingdom
Comyn explained that although cryptocurrencies are “very volatile and speculative,” banks need to participate in encryption and blockchain technology on the grounds that customers’ demand for transaction encryption is never-ending. He said:
We see the risks of participating, but we see the greater risks of not participating.
He emphasized, “It is important to say that we have no opinion on the asset class itself,” he pointed out, “We think it is a very unstable and speculative asset.”
In addition, the bank believes that cryptocurrencies will continue to exist. The CEO of Commbank believes:
We also don’t think the industry and technology will disappear anytime soon. So we want to understand it, we want to provide customers with competitive products, and correctly disclose risks.
The boss of the Commonwealth Bank also commented on the Central Bank Digital Currency (CBDC). “Many central banks are studying the applicability of central bank digital currency, what it will look like, and what benefits it will have,” he said. “This is something we want to participate in. We think it is important that Australia is building capacity and experimenting with different versions of the future. We hope we can play a role in it.”
At the beginning of this month, the bank Announce It will work with the cryptocurrency exchange Gemini to provide some customers with the ability to buy, sell and hold crypto assets directly through its app. And Litecoin,” the bank said, adding that “the pilot will begin in the next few weeks, and CBA intends to gradually roll out more features to more customers in 2022. “
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