Commonwealth Bank of Australia recognizes the risk of missing cryptocurrencies

Commonwealth Bank of Australia (CBA) CEO Matt Comyn said that compared with the risks associated with adopting encryption, the bank is more concerned about the risk of missing out on cryptocurrencies.

CBA will become the first of Australia’s “big four” banks Provide encryption-based servicesAfter the company announced on November 3 that it would directly support the trading of 10 digital assets through its banking application.

Comyn said in an interview with Bloomberg TV on Friday, November 19 be doubted Regarding CBA’s views on the crypto industry, the CEO noted:

“We see the risk of participation, but we see the greater risk of not participating. The important thing is that we have no opinion on the asset price itself. We think it is a very unstable and speculative asset, but we don’t think The industry and technology will disappear soon.”

Comyn also stated that CBA’s crypto adoption game will bring more benefits because he emphasized that the bank sees many use cases for blockchain technology and strong consumer demand.

“So we want to understand it, we want to provide customers with competitive products and correctly disclose risks. We want to build capabilities in and around DLT and blockchain technology,” he added.

ASIC does not have FOMO and cannot regulate the industry

Although the CBA appears to be bullish on cryptocurrencies and distributed ledger technology, the Australian Securities and Investments Commission (ASIC) urges investors to proceed with caution and also points out that it cannot oversee the industry.

On November 22, ASIC Chairman Joe Longo delivered a speech at the Australian Financial Review Super and Wealth Summit Suggest Financial enforcers cannot regulate cryptocurrencies because the asset class currently does not fall within the scope of Australia’s “financial products”:

“The demand-driven nature of the influx of cryptocurrencies has created some unique challenges. Currently, many crypto assets may not be’financial products,’ which makes it difficult for financial advisors to provide advice.”

“ASIC has already provided some guidance on exchange-traded funds related to crypto assets-they at least Yes Financial products are not traded on licensed exchanges, so there will be some protection there-but in most cases, at least for now, investors are on their own,” he added.

related: Reserve Bank warns Australians not to invest in “fashion-driven” cryptocurrencies

In Longo’s personal opinion, he urged local investors to be very cautious in encrypting, and pointed out that the motto “Don’t put all your eggs in one basket” came to mind. However, he also emphasized, Encryption proposal Proposed Australian Senate Last month was the right move for the local climate.

“No matter from a policy point of view, wherever we are, the Prague Senator’s Committee has rightly emphasized the fact that encryption is at our doorstep, here and now, and is in demand by consumers and investors. Push,” he said.