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Commonwealth bank halts crypto pilot program

TL;DR Breakdown
  • Commonwealth bank pauses its crypto pilot program
  • The bank wants to wait for regulatory approval
  • Commonwealth CEO confirms regulatory interest in crypto

The Commonwealth Bank has announced the suspension of the crypto-based testing currently going on inside its app. According to the statement, the Australian bank was in the process of a second pilot test to test crypto services inside its application. This test is coming after its success in the first pilot test. However, this new update will trigger a pause on the ongoing testing and will see access to previously tested services revoked from platform users.

Commonwealth bank is waiting for regulatory approval

According to the bank CEO, Matt Comyn, the financial institution is still waiting to hear from the appropriate regulators before further moves can be made. Also, he mentioned that the company is presently in consultation with regulators about the proper treatment for crypto. Comyn said that the firm has plans to start the pilot test from scratch again.

This ensures that they solve the fundamental issues on the ground in terms of regulation. The CEO mentioned that Commonwealth bank had a scheduled time for review by the treasury. However, he failed to communicate when the program would be ready for the general public. Comyn said the recent market volatility was the icing on the cake after a previous issue with regulators called for the program’s pause.

Comyn notes general regulatory interest in crypto

Regulators have refused to grant Commonwealth bank a license to carry on with their activities following concerns over how their consumers will be protected. Comyn mentioned that even though the crypto sector remains one of the most volatile, it has also attracted a lot of individuals from all walks of life. He noted that this attention and other issues come at the detriment of the interests of regulators across the world. However, Comyn has his mind focused on a bigger plan, making his intention to wait for the result of the just-concluded elections known.

He believes that an entirely different government should take the reins; it could mean an entirely different thing for the crypto sector. However, parties have warned that Commonwealth tackles the issue at hand with maximum carefulness to avoid a soil on their reputation. Commonwealth Bank was the first financial institution to unveil crypto services in Australia, with the launch in November 2021. The bank rolled out the services on its application and promised users a full-scale onboarding once the pilot program was concluded. Currently, the company has moved to halt the said plans.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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