The bitcoin market’s limitless potential and benefits have served as an impetus for new collaborations.
It’s no secret that the digital assets market is ripe for the taking by governments, companies, and private people alike. Token prices have recently plummeted across the board, which might deter some from making the long-term investment necessary.
Commonwealth Bank (CommBank) has previously intended to introduce a crypto trading app. However, it seems that this progress needs to be put on hold as a result. For its bitcoin trading pilot, CommBank has put the project on hold due to regulatory concerns.
CommBank has said that it intends to provide crypto-asset services tailored to the needs of its clients. As part of a discussion on its partnerships, this massive bank announced this news in November 2021. The bank plans to implement its strategy with the help of Gemini and Chainalysis, both cryptocurrency exchanges and blockchain analytics startups.
Matt Comyn, CEO of CommBank, said on Thursday that the bank is presently collating input from its clients and clients’ clients. An article in the Guardian Australia revealed that Comyn said that the bank needs robust crypto regulation before it can move beyond its trial phase.
In addition, the bank has already downplayed the publication of its pilot version. After seeing the demise of Terra’s stablecoin, UST, this decision was made. As a result of the recent bitcoin market price collapse, it became nervous.
CommBank Outlines Cryptocurrency Sector Plans
The biggest bank in Australia has planned to provide crypto services by 2022. It had planned to launch its pilot a few weeks ahead of schedule. There have been issues with CommBank’s ideas, though.
It’s because of this that starting April 2022, the bank’s goods have been halted by ASIC (Australian Securities and Investments Commission). Before approving a product, the regulatory authority states it must follow all applicable regulations.
Comyn, CEO of CommBank, made a similar statement at a tech briefing last week, in which he noted the growing interest in the cryptocurrency industry. He pointed out that both government agencies and private persons are looking for ways to control bitcoin assets, and he agreed with them.