How Australia Largest Bank Entered the Game of Crypto by Its New App

Cryptocurrency has made countries and experts arguing about regulating it or even to ban this kind of assets. For example in China, the law has forbidden all the connections to cryptocurrencies such as exchanges and banks and forced them not to provide any services for crypto tradings such as buying, selling and transferring them. In some other countries such as Turkey it is the same however in  most countries cryptocurrencies are waiting to be regulated by governments.

Beside the aforementioned  countries  on the other side of the world, in Australia, they took it a step further and Commonwealth Bank (CBA) is to  enable trading and holding bitcoins for its 6.5 million clients by 2022 which will be available on the banks new application. After this Commonwealth Bank will be the first bank to provide direct access to bitcoin and to a few other financial institutions that trade scarce assets, in Australia.

Also Australia financial review reported that the partnerships with the Gimme exchange, which is a cryptocurrency exchange and provides more financial facilities, is confirmed.

Moreover it is also reported that CBA’s  6.5 million clients  will be able to buy and sell bitcoins and other cryptocurrencies. As well as view their holdings inside the main CBA banking app. Also in the future the application will enable its customers to pay for everyday consumer items in bitcoins.

Commonwealth Bank is Australia’s biggest bank and is a leader in finance, business, trade, insurance and institutional banking. Banks 6.5 million Clients Account for more than 25% of Australia’s total population.

CBA CEO, Matt Comyn, has declared that customers interests in this kind of assets has led them to this application he has defined the benefits and said, ”We believe we can play an important role in crypto to address what’s clearly a growing customer need and provide the capability, security, and confidence in a crypto trading platform. CBA will leverage Gemini’s crypto exchange and custody service and integrate it into the CommBank app through APIs.”

Comyn added, “Customers have expressed concern regarding some of the crypto services in the market today, including the friction of using third party exchanges, the risk of fraud, and the lack of trust in some new providers. This is why we see this as an opportunity to bring a trusted and secure experience for our customers. We remain committed to reimagining banking and will continue to bring more functionality into the CommBank app including investing and shopping.”

However, it is unclear whether Commonwealth Bank will allow its clients to withdraw their BTC into an external wallet for which they hold the private keys. The bank might shed light on their plans for withdrawals in their formal announcement. But if neglected, this feature alone can hurt bitcoin adoption long term, as BTC on a banking app would function very much like an IOU and effectively undermine much of the sovereignty enabled by Bitcoin.

Despite all of  these three other big banks in Australia has criticized the CBA decision and announced they would not succeed in the largest Australian bank footsteps regarding their new policy on crypto. Despite all the heavy criticism if CBA continues its plan to enable bitcoin trading through its main banking app, one-quarter of the Australian population will have easy access to the world’s superior form of money.

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