Major Australian Bank Shelves Crypto Launch Plan

CBA’s Crypto App Plan

As previously mentioned last year, Australia’s biggest bank disclosed plans to let its users carry out crypto-related transactions on its app. 

It has been taking its plan to develop the project but as not stated a particular time it will finally launch the project to the public. It also has plans to introduce other features to many users in 20222.

The plan entailed allowing customers to purchase close to 10 crypto assets like Ethereum, Bitcoin, and Litecoin. The plan was to launch the project before releasing other features to the public in 2022.

However, sources show that the rollout plan has been stalled and no specific time has been announced for when it will be continued. People who took part in the first project launch have since stopped buying and selling crypto on the app.

The CEO of the bank Matt Comyn noted that the firm is working on the reviews gotten from users, but mentioned that further control and laws would have to be established before moving to the next point.

In a tech meeting, he said that last week’s events have reiterated and shown again that it is obviously a very unstable sector that still holds a lot of interest. He mentioned that with the instability, consciousness, and other factors, there is also a lot of interest coming from regulatory bodies and people who are coming up with the best way to control it.

Next Step for the Country

Consultations regarding crypto regulations are currently being held by the federal Treasury, it is taking entries till the 27th of May. Matt noted that the government created after the election will place all attention on ways and methods to properly control the sector.

The country is to hold elections very soon to select who will be its next prime minister and which party will be in power.

Comyn explained that they wish to continue playing a leading role in putting effort into that and creating the best regulations. He also declared that they still intend on restarting the first project, but they have some things that must be worked on through a regulatory point to ensure that it is adequate.  

This is coming at a turbulent time for the crypto industry as it has experienced one of its worst recorded falls, with stablecoins dropping, Bitcoin slipping below the $30,000 mark, and Terra dropping this month, making the industry lose close to 25% off its most valued coins.

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