He said it was about balancing risk, and CBA would keep working on it in the background to retain first-mover advantage. “Our intention still, at this stage is to restart the pilot, but there is still a couple of things that we want to work through on a regulatory front to make sure that that is most appropriate.”ĭr Dimitrios Salampasis, a lecturer in fintech leadership and entrepreneurship at Swinburne University, said large incumbents such as CBA were scared about the potential reputational damage from association with crypto. “We want to continue to play a leading role in providing input into that and shaping the most appropriate regulatory outcome,” he said. Comyn indicated the government formed after the election would be focused on “how to most appropriately regulate the sector”. The federal Treasury is consulting on regulation around cryptocurrency, with submissions open until 27 May. 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,” he said in a tech briefing this week. “As events of the last week have reinforced, it is clearly a very volatile sector that remains an enormous amount of interest. The chief executive of the Commonwealth Bank, Matt Comyn, said the company was working on the feedback received from customers, but indicated more regulation would be needed before advancing to the next stage. Those who were on the initial pilot have not been able to continue trading crypto through the app. ![]() However, Guardian Australia has confirmed the rollout is paused, with no time set on when it will resume. The bank had planned an initial pilot, before “progressively more features to more customers in 2022”. Under the plan, customers would be able to buy up to 10 crypto assets including bitcoin, Ethereum and Litecoin.
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