Commonwealth Bank of Australia’s CEO Matt Comyn says that the risks of not participating in the crypto industry are bigger than those related to its adoption.
Comyn says that CBA viewed the importance of blockchain technology rather than the crypto price in isolation since it was volatile.
He says that the bank wants to create capacity around distributed ledger technology and blockchain to provide a competitive platform for customers. CBA sees many use cases and rising demand for blockchain technology.
The statement comes amid caution by the Australian Securities and Investments Commission that it was unable to regulate the crypto sector. The commission says that the sector does not fall under the scope of a financial product.
ASIC has offered guidance on crypto exchange-traded funds, which says fall under financial products. The commission views crypto ETFs as safer since they trade on a licensed exchange.