Largest bank in Australia sees risk in shunning cryptocurrencies

Commonwealth Bank of Australia (CBA), the largest Australian bank, is more concerned about the risk of being left out of cryptocurrencies than about those associated with the adoption of this asset class. The CBA CEO Matt Comyn said this on Bloomberg TV.

Earlier in November the institution announced that it would become the first bank in the country to offer clients access to digital assets. CBA announced trading ten cryptocurrencies through the CommBank app.

In the interview, Comyn answered a question about the bank’s involvement in the cryptocurrency industry:

“We understand the risks of involvement in the sector, but we see greater risks in non-participation. It is worth noting that we have no view on the prices of the assets themselves; we regard them as very volatile and speculative. At the same time, we do not think the sector and the technologies will disappear in the near future.”

The head of the CBA suggested that the bank’s presence in the sector will be broader than merely supporting crypto trading. He stressed that the institution sees many use-case scenarios for blockchain technology and strong demand from consumers.

“Therefore we want to understand this, in order to provide clients with a competitive offer with proper disclosure of risks. We would like to create opportunities in the field of DLT and blockchain technology, as well as around it,” added Comyn.

Earlier, Australian Senator Jane Hume saw great opportunities for the country in such a sector of the crypto industry as DeFi.

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