BREAKING NEWS: Australia’s largest bank allows its customers to hold and use BITCOIN – here’s what it means for you
- Commonwealth Bank will allow its 6.5million customers to buy Bitcoin
- Australia’s biggest bank will become one of the first in the world to allow it
Australia’s biggest bank will allow its customers to buy and sell Bitcoin.
The Commonwealth Bank is set to announce a major shake-up that will see cryptocurrency traded on its banking app, making it a world leader.
The big banks, until recently, had been opposed to cryptocurrency arguing there were risk with money laundering but now they are moving to win over younger customers.
Commonwealth Bank chief executive Matt Comyn hinted to a parliamentary inquiry on September 23 he was more open to allowing cryptocurrencies to be traded on its platforms.
‘We have formed the view more recently that, yes, it is a higher-risk sector, but it is a sector, in some instances, that we feel that we can appropriately manage the risk in, leveraging some of the tools, techniques and providers that are available that we were just discussing,’ he said.
ustralia’s biggest bank will allow its customers to buy and sell Bitcoin. The Commonwealth Bank is set to announce a major shake-up that see cryptocurrency traded on its banking app.
The move is being announced a day after Liberal senator Andrew Bragg, slammed the big banks for shutting down accounts linked to cryptocurrency trading.
‘I’m just over it. I just think the banks are acting like a cartel and they’re de-banking people, there are legitimate businesses, because they are competitors,’ he told a Finder breakfast in Sydney.
The Commonwealth Bank had been opposed to the likes off Afterpay, only to set up its own buy now, pay later app StepPay.
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