Crypto FOMO: Australia’s Largest Bank Sees ‘Bigger Risks in Not Participating’ in Crypto – Featured Bitcoin News – Bitcoin News

Crypto FOMO: Australia’s Largest Bank Sees ‘Bigger Risks in Not Participating’ in Crypto – Featured Bitcoin News – Bitcoin News


The CEO of Commonwealth Bank of Australia (CBA), the country’s largest bank, sees big risks in not participating in cryptocurrency. “We see risks in participating, but we see bigger risks in not participating,” he explained.

Crypto FOMO, Banks Need to Get Involved, Says CEO of Commonwealth Bank

Commonwealth Bank of Australia CEO Matt Comyn talked about the fear of missing out (FOMO) when it comes to bitcoin and cryptocurrency in an interview with Bloomberg Television in Sydney Thursday. Commonwealth Bank, or Commbank, is an Australian multinational bank with businesses across New Zealand, Asia, the U.S, and the U.K.

Comyn explained that although cryptocurrencies are “very volatile and speculative,” banks need to be involved in crypto and blockchain technology, citing the insatiable demand from customers to trade crypto. He said:

We see risks in participating, but we see bigger risks in not participating.

While emphasizing, “It’s important to say we don’t have a view on the asset class itself,” he noted, “We see it as a very volatile and speculative asset.”

Furthermore, the bank believes that crypto is here to stay. The CEO of Commbank opined:

We also don’t think that the sector and the technology is going away anytime soon. So we want to understand it, we want to provide a competitive offering to customers with the right disclosures around risks.

The Commonwealth Bank boss also commented on
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