In the words of Matt Comyn, the CEO of Commonwealth Bank of Australia, which is the biggest financial institution in the country, he believes that “non-adoption of cryptocurrencies poses more risks for the financial institutions than cryptocurrencies’ wilful induction into the mainstream financial system”.
Matt Comyn of Commonwealth Bank of Australia believes that the country’s financial institutions should definitely bring in crypto. He said that he is concerned that if his bank won’t be integrating crypto then his bank will miss out on an enormous opportunity.
The CEO of Australia’s biggest financial institution i.e. Commonwealth Bank of Australia was being interviewed by Bloomberg. The bank is an international bank have its branch offices other than Australia in countries such as the US, New Zealand, and the UK. It also has operational branches in many countries within the Asian region as well.
During the interview, Comyn commented that there is no way out for the banks with regard to cryptocurrencies. Crypto is here to stay and agree or not every bank would eventually need to have crypto on board. He further commented that though the integration of crypto in a financial institution has risks associated with it. However, the non-adoption of crypto in the financial system poses more risks than adoption.
Comyn opined that banks globally are maintaining their distances from digital assets because undoubtedly they are highly speculative and volatile. However, in doing so, the banks are ignoring the underlying technology of digital currencies which has multi-fold benefits and can better the existing financial system. He was referring to the “blockchain” technology. He cited also that there are huge benefits waiting for the Commonwealth Bank of Australia in the form of cryptocurrencies. Certainly, if the bank would not appreciate them, then somebody else will eventually capitalize gladly.
He however acknowledged the fact that even the Commonwealth Bank of Australia does not recognize crypto as an “asset”. He further suggested that no matter how hard the Governments are trying, they simply cannot drag crypto out of the global system. The solution for financial institutions lies in understanding crypto and its underlying technology.
Comyn then went on to talk about the concept of Central Bank Digital Currencies (CBDCs). He stated that many of the world’s central banks have come to believe that they need CBDCs. He said that CBDC is something that the Austrian central bank too would need to think about positively. He then ensured his bank’s full support whenever the central bank of Australia thinks that it is time to go for CBDC. He thinks that the Commonwealth Bank of Australia has all that it takes to assist the country’s central bank in developing the project of CBDC.
In any case, he opined that the Commonwealth Bank of Australia has made its decision. It will be providing crypto trade and custodial services to its interested customers.