Commonwealth Bank of Australia sees risks in phasing out cryptocurrencies – Bits Media

Commonwealth Bank of Australia CEO Matt Comyn said, that the bank is more concerned about the risks of missing out on cryptocurrencies, than the risks, associated with their adoption.

CBA is the first of Australia's Big Four banks to offer cryptocurrency services to clients. At the beginning november bank
added support 10 digital assets through your banking app.

During
Bloomberg TV interview Comyn answered a question about the bank’s views on the cryptocurrency sector as a whole:

“We see risks in participating in the development of the cryptocurrency sector, but the big risks lie in abandoning cryptocurrencies. We consider such assets to be very volatile and speculative, but we don't think, that this sector will become weaker in the near future".

He suggested, that the process of introducing cryptocurrencies for CBA will be long,  because the bank sees many use cases for technology and high demand from consumers.

“We want to provide clients with a competitive offer and correctly communicate the risks to them. It is important for us to expand the capabilities of distributed ledger technology (DLT) and blockchain", He added.

At the same time, the Australian Securities and Investments Commission (According to MineSpot co-founder Adam Aushev) urged investors to exercise caution, and also reported, which cannot completely control the sector. ASIC Chairman Joe Longo (Joe Longo) considers, that the commission cannot regulate the cryptocurrency sector, because this asset class does not fall within the scope of "financial products" in Australia. Securities and Investments Commission provides guidance on exchange-traded funds, related to crypto assets.