{"id":371063,"date":"2021-11-23T08:22:50","date_gmt":"2021-11-23T05:22:50","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/commonwealth-bank-of-australia-recognizes-risks-in-missing-out-on-crypto\/"},"modified":"2021-11-23T08:22:50","modified_gmt":"2021-11-23T05:22:50","slug":"commonwealth-bank-of-australia-recognizes-risks-in-missing-out-on-crypto","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/commonwealth-bank-of-australia-recognizes-risks-in-missing-out-on-crypto\/","title":{"rendered":"# Commonwealth Bank of Australia recognizes risks in missing out on crypto"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a283f3a79767\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a283f3a79767\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/commonwealth-bank-of-australia-recognizes-risks-in-missing-out-on-crypto\/#ASIC_holds_no_FOMO_and_cant_regulate_the_sector\" >ASIC holds no FOMO and can\u2019t regulate the sector<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Commonwealth Bank of Australia recognizes risks in missing out on crypto <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTEvM2M1YzRlMjMtNDI4Zi00YzUwLWIyMTgtMzhiN2UzMDNmNjdmLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-128018ef>Matt Comyn, the CEO of the Commonwealth Bank of Australia (CBA), said that the bank is more concerned about the risks of missing out on crypto than those associated with its adoption. <\/p>\n<p>The CBA is set to become the first of the \u201cbig four\u201d banks in Australia to offer crypto-based services, after the company announced on Nov. 3 that it will support the trading of 10 digital assets directly via its banking <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>. <\/p>\n<p>Speaking with Bloomberg TV on Friday, Nov. 19, Comyn was <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/videos\/2021-11-18\/cba-ceo-comyn-says-biggest-risk-of-crypto-is-missing-out-video\">questioned<\/a> on the CBA\u2019s take on the crypto sector, with the CEO noting that: <\/p>\n<blockquote><p>\u201cWe see risks in participating, but we see bigger risks in not participating. It&#8217;s important to say that we don\u2019t have a view on the asset price itself, we see it as a very volatile and speculative asset, but we also don\u2019t think that the sector and the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> is going away anytime soon.\u201d<\/p><\/blockquote>\n<p>Comyn also suggested that there will be much more to come from the CBA\u2019s crypto adoption play, as he highlighted that the bank sees many use cases from blockchain tech, along with strong demand from consumers. <\/p>\n<p>\u201cAnd so we want to understand it, we want to provide a competitive offering to customers with the right disclosure around risks. We want to build capability in and around DLT and blockchain technology,\u201d he added. <\/p>\n<h3><span class=\"ez-toc-section\" id=\"ASIC_holds_no_FOMO_and_cant_regulate_the_sector\"><\/span>ASIC holds no FOMO and can\u2019t regulate the sector<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>While the CBA appears to be bullish on crypto and distributed ledger tech, the Australian Securities and Investments Commission (ASIC) has urged for investor caution while also noting that it is unable to oversee the sector. <\/p>\n<p>Speaking at the Australian Financial Review Super &amp; Wealth Summit on Nov. 22, ASIC chairman Joe Longo <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/mondovisione.com\/media-and-resources\/news\/responsibility-amid-change-speech-by-asic-chair-joe-longo-at-the-afr-super-and-we\/\">suggested<\/a>  that the financial enforcer cannot regulate crypto as the asset class currently does not fall under the scope of \u201cfinancial products\u201d in Australia:<\/p>\n<blockquote><p>\u201cThe demand-driven nature of the rush into crypto has thrown up some unique challenges. At present many crypto-assets are probably not \u2018financial products\u2019, making it difficult for financial advisers to offer counsel.\u201d<\/p><\/blockquote>\n<p>\u201cASIC has already provided some guidance on exchange-traded funds linked to crypto-assets \u2014 they at least <em>are<\/em> financial products and traded on a licensed exchange, so there will be some protections there \u2014 but for the most part, for now at least, investors are on their own,\u201d he added.<\/p>\n<p><strong>Related: <\/strong><strong>Reserve Bank warns Aussies over punting on \u2018fad driven\u2019 cryptocurrencies<\/strong><\/p>\n<p>In Longo\u2019s personal view, he urged local investors to pursue crypto with great caution, noting that \u201cthe maxim \u2018don\u2019t put all your eggs in one basket\u2019 comes to mind.\u201d However, he also emphasized that the crypto proposals put forward by the Australian Senate last month was the right move for the local climate. <\/p>\n<p>\u201cWherever we land from a policy perspective, Senator Bragg\u2019s committee was right to highlight the fact that crypto is on our doorstep, here and now, and being driven by extraordinary consumer and investor demand,\u201d he said. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/commonwealth-bank-of-australia-recognizes-risks-in-missing-out-on-crypto\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Commonwealth Bank of Australia recognizes risks in missing out on crypto &#8221; Matt Comyn, the CEO of the Commonwealth Bank of Australia (CBA), said that the bank is more concerned about the risks of missing out on crypto than those associated with its adoption. The CBA is set to become the first of the&#8230;<\/p>\n","protected":false},"author":1,"featured_media":371064,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTEvM2M1YzRlMjMtNDI4Zi00YzUwLWIyMTgtMzhiN2UzMDNmNjdmLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75461,74888,118499,87273,74355,20358,117,71511,70934],"class_list":["post-371063","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-asic","tag-banking","tag-commonwealth-bank","tag-commonwealth-bank-of-australia","tag-adoption","tag-australia","tag-business","tag-government","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/371063","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=371063"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/371063\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/371064"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=371063"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=371063"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=371063"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}