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The Commonwealth Bank of Australia, the largest bank in the country, anticipates greater risks in not participating in cryptocurrency. There is significant uncertainty about not investing in bitcoin, according to the CEO of the biggest Australian bank. There are obvious dangers involved with engaging, but there are greater hazards if we don't, he noted.
Commonwealth Bank of Australia Sees Greater Risks in not Participating in Cryptocurrency
In an interview with Bloomberg Television, Commonwealth Bank of Australia CEO Matt Comyn discussed the fear of missing out (FOMO) when it comes to bitcoin and cryptocurrencies. Australia's Commonwealth Bank is a worldwide bank with operations in New Zealand, Asia, the United States, and the United Kingdom.
"Crypto FOMO," said the CEO of Commonwealth Bank. Adding that "Banks must get involved."
According to Comyn, banks must become engaged in crypto and blockchain technology since there is an insatiable desire from clients to trade cryptocurrency. He retorted, "A participant's risk is greater than a non-participant's."
When it comes to the asset class itself, he said, "we perceive it as a highly volatile and speculative asset," stressing that "we don't have a perspective on it."
Digital currencies are here to stay
When asked about central bank digital currencies, the CEO of the Commonwealth Bank of Australia stated, many central banks are looking at the application of a central-bank digital currency, what would it look like, what would the advantages be like, and more. That seems like something they would be interested in. He believes Australia must have the capacity to test new ideas and experiment with diverse futures. And that they are hoping to be a part of it.