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Crypto FOMO: Australia’s Largest Bank Sees ‘Bigger Risks in Not Participating’ in Crypto

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

Crypto FOMO, Banks Lack to Get Involved, Says CEO of Commonwealth Bank

Commonwealth Bank of Australia CEO Matt Comyn talked about the fear of pine for out (FOMO) when it comes to bitcoin and cryptocurrency in an interview with Bloomberg Television in Sydney Thursday. Commonwealth Bank, or Commbank, is an Australian multinational bank with companies across New Zealand, Asia, the U.S, and the U.K.

Comyn explained that although cryptocurrencies are “very volatile and speculative,” banks stress to be involved in crypto and blockchain technology, citing the insatiable demand from customers to trade crypto. He said:

We see jeopardies in participating, but we see bigger risks in not participating.

While emphasizing, “It’s important to say we don’t have a view on the asset class itself,” he famous, “We see it as a very volatile and speculative asset.”

Furthermore, the bank believes that crypto is here to stay. The CEO of Commbank opined:

We also don’t about that the sector and the technology is going away anytime soon. So we want to understand it, we want to provide a competitive contribution to customers with the right disclosures around risks.

The Commonwealth Bank boss also commented on central bank digital currencies (CBDCs). “Various central banks are looking at the applicability of a central-bank digital currency, what would that look like, what disposition the benefits be of that,” he stated. “That’s something we’d like to participate in. We think it’s important that Australia is building wherewithal and piloting different versions of the future. We are hopeful we can play a role in that.”

Early this month, the bank foretold that it will be providing some customers with the ability to buy, sell, and hold crypto assets directly wholly its app in partnership with crypto exchange Gemini “CBA will provide customers with access to up to ten selected crypto assets embracing bitcoin, ethereum, bitcoin cash, and litecoin,” the bank said, adding that “The pilot will start in the drop weeks and CBA intends to progressively roll out more features to more customers in 2022.”

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