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Uncertainty and lack of regulations: CBA cryptocurrency trading app launch delaye

By Ciaran Lyons
May 20, 2022 0

When Commonwealth Bank (CBA) announced the launch of its own cryptocurrency trading app in November 2021, it was a major milestone for cryptocurrency.

The app was going to be a simple, safe way for consumers to purchase cryptocurrency. With only ten crypto assets available on the app, it would also give consumers confidence knowing that CBA has selected assets that are legitimate and safe to invest in.

After all, it was going to be the first Australian bank to offer crypto services to customers, so it was expected that CBA would want to mitigate the risks.

However, these past few weeks have been an extremely volatile time for cryptocurrency. When one of the biggest stablecoins in cryptocurrency suddenly crashes (TerraUSD), with no signs of ever recovering, despite the founders stating they have “recovery plans” in place, it’s a major cause for concern, and CBA noticed.

Click here to learn more about the recent TerraUSD stable coin collapse

CEO Matt Comyn, said that the bank has delayed plans to launch the cryptocurrency trading app until there is more clarity on regulations. However, he still has a long-term positive outlook on cryptocurrency.

“As events of the last week have reinforced, it is clearly a very volatile sector that remains an enormous amount of interest. But alongside that volatility and awareness and I guess the scale, certainly globally, you can see there is a lot of interest from regulators and people thinking about the best way to regulate that,” Comyn said.


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