Commonwealth Bank Pushes Australia to Cryptocurrency Lead: Expert

According to experts, Australia has become an industry leader as the Federal Bank of Australia (CBA) has decided to offer cryptocurrency services to its clients.

CBA Presentation On November 3rd, it announced that it would be the first Australian bank to offer crypto services to its clients in partnership with Gemini, a crypto exchange and custodian service, and Chainalysis, a blockchain analysis company.

Caroline Bowler, CEO of BTC Markets, said the announcement is evidence that cryptocurrencies will soon become fully legal currencies.

“The CBA move is exciting and inevitable. It’s yet another” deficit day “for cryptocurrencies, as if Australia suddenly dropped its lead foot,” Bowler said. Said Nine news.

“We’ve been advertised to catch up all this time, but now we’re moving to the world’s leading position with the largest banks and one of the world’s most important mainstream financial institutions, cryptocurrency to millions of customers. Provides access to currencies. “

Epoch Times Photo
On October 26, 2017, the computer circuit board in this photo shows a coin that represents the cryptocurrency of Bitcoin. (REUTERS / Dado Ruvic / File Photo)

The CBA said the study revealed that many clients already trade and hold currencies and want access to crypto assets as an investment class.

“The emergence and growing demand for digital currencies from customers has created both challenges and opportunities in the financial services sector, and many new players and business models are innovating in this area,” said Matt, CEO of CBA. Kamin says.

“We believe that crypto can play a key role in addressing the apparently growing customer needs and providing crypto trading platforms with functionality, security and trust.”

You can trade and hold up to 10 crypto assets such as Bitcoin, Ethereum and Litecoin.

The bank said the pilot will start in the coming weeks and will have more features open to customers in 2022.

May analysis According to the Australian Tax Department, more than 600,000 taxpayers have invested in crypto assets in recent years.

The Australian Senate Committee as a technology finance center said in its final report in October:pdf) According to survey data, 17% of Australians currently own cryptocurrencies, and another 13% plan to buy cryptocurrencies within the next 12 months.

“This makes Australia one of the most important adopters of cryptocurrency per capita in the world,” the report said, emphasizing that Australia’s economic opportunities were immeasurable. ..

Rebecca Chu