{"id":14572,"date":"2021-11-21T22:54:05","date_gmt":"2021-11-21T22:54:05","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/crypto-fomo-australias-largest-bank-sees-bigger-risks-in-not-participating-in-crypto\/"},"modified":"2021-11-21T22:54:05","modified_gmt":"2021-11-21T22:54:05","slug":"crypto-fomo-australias-largest-bank-sees-bigger-risks-in-not-participating-in-crypto","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/crypto-fomo-australias-largest-bank-sees-bigger-risks-in-not-participating-in-crypto\/","title":{"rendered":"Crypto FOMO: Australia\u2019s Largest Bank Sees \u2018Bigger Risks in Not Participating\u2019 in Crypto"},"content":{"rendered":"

The CEO of Commonwealth Bank of Australia (CBA), the country\u2019s largest bank, sees big risks in not participating in cryptocurrency. \u201cWe see risks in participating, but we see bigger risks in not participating,\u201d he explained.<\/strong><\/p>\n

Crypto FOMO, Banks Need to Get Involved, Says CEO of Commonwealth Bank<\/h2>\n

Commonwealth Bank of Australia CEO Matt Comyn talked about the fear of missing 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 businesses across New Zealand, Asia, the U.S, and the U.K.<\/p>\n

Comyn explained that although cryptocurrencies are \u201cvery volatile and speculative,\u201d banks need to be involved in crypto and blockchain technology, citing the insatiable demand from customers to trade crypto. He said:<\/p>\n

We see risks in participating, but we see bigger risks in not participating.<\/p>\n

While emphasizing, \u201cIt\u2019s important to say we don\u2019t have a view on the asset class itself,\u201d he noted, \u201cWe see it as a very volatile and speculative asset.\u201d<\/p>\n

Furthermore, the bank believes that crypto is here to stay. The CEO of Commbank opined:<\/p>\n

We also don\u2019t think that the sector and the technology is going away anytime soon. So we want to understand it, we want to provide a competitive offering to customers with the right disclosures around risks.<\/p>\n

The Commonwealth Bank boss also commented on central bank digital currencies (CBDCs). \u201cMany central banks are looking at the applicability of a central-bank digital currency, what would that look like, what would the benefits be of that,\u201d he stated. \u201cThat\u2019s something we\u2019d like to participate in. We think it\u2019s important that Australia is building capability and piloting different versions of the future. We are hopeful we can play a role in that.\u201d<\/p>\n

Early this month, the bank announced<\/a> that it will be providing some customers with the ability to buy, sell, and hold crypto assets directly through its app in partnership with crypto exchange Gemini \u201cCBA will provide customers with access to up to ten selected crypto assets including bitcoin, ethereum, bitcoin cash, and litecoin,\u201d the bank said, adding that \u201cThe pilot will start in the coming weeks and CBA intends to progressively roll out more features to more customers in 2022.\u201d<\/p>\n

What do you think about the comments by the CEO of Australia\u2019s Commonwealth Bank? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nFeatured, australia commonwealth bank, bankster fomo, bitcoin fomo, Commonwealth Bank, commonweatlh bank ceo. australia, crypto fomo, cryptocurrency fomo, FOMO<\/p>\n","protected":false},"excerpt":{"rendered":"

The CEO of Commonwealth Bank of Australia (CBA), the country\u2019s largest bank, sees big risks in not participating in cryptocurrency. \u201cWe see risks in participating, but we see bigger risks in not participating,\u201d he explained. Crypto FOMO, Banks Need to Get Involved, Says CEO of Commonwealth Bank Commonwealth Bank of Australia CEO Matt Comyn talked…<\/p>\n","protected":false},"author":0,"featured_media":14573,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-14572","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/14572"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=14572"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/14572\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/14573"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=14572"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=14572"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=14572"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}