Commonwealth Bank To Allow Cryptocurrency Trading For 6.5 Million Aussies

The CBA (Commonwealth Bank of Australia) is prepared to launch the services of crypto trading for over 6.5 million consumers utilizing the CommonBank application thereof. The CBA is to become the earliest bank across Australia to support cryptocurrency, and it has been stated by Blockchain Australia that the rest of the four prominent banks including Westpac, the ANZ (Australia and New Zealand Banking Group), and the NAB (National Australia Bank) will inevitably be shortly following suit. As per the announcement of 3rd November, a collaboration has been made by the CBA with Chainalysis (a blockchain analysis company), and Gemini (a crypto exchange) to initiate the crypto services thereof.

A pilot program will be launched by the bank to facilitate a narrow scope of consumers during the next weeks, in advance of the complete commencement of its service during 2022. Presently, support for ten digital assets is to be provided through the banking application thereof, including LTC (Litecoin), BCH (Bitcoin Cash), ETH (Ethereum), and BTC (Bitcoin). Blockchain Australia’s CEO, Steve Vallas, expressed that the current step was extremely significant because the four prominent Australian banks strengthen their national as well as international reputation being a destination for financial services.

Vallas is of the view that the quick adoption and upsurge of cryptocurrency has evolved the risk regarding the risk of sustaining a wait-and-see attitude into an approach putting prominent banks at the risk related to inaction as well as being abandoned. The Chief Executive Officer of BTC Markets (a native exchange of cryptocurrency) expressed feelings similar to Vallas by stating that the permission from the country’s largest bank is opening the latest floodgates for more craving from conventional finance. The Gemini’s Global Head for Business Development, Dave Abner, stated that the firm thereof was gratified for having CBA as a partner to introduce top services regarding cryptocurrency across the world.

It was reported on 15th October that a Bitcoin trader from Canberra, Allan Flynn, settled the earliest complaint thereof under the ACT Civil and Administrative Tribunal (ACAT) confronting ANZ for making him de-banked during 2018 as well as 2019 because of his profession being a DCE (Digital Currency Exchange). ANZ, on the contrary, refuted any accountability by stating that he was provided with a chance from the bank to apply for an account for another time, and signaled that the bank has presently become more favorable for crypto as compared to its position three years before. Flynn, while reflecting on the present news, mentioned that a swift change is being observed in the crypto landscape across Australia.