As it expands its cryptocurrency service, the Commonwealth Bank of Australia will concentrate its efforts on central bank digital currency in the next year.
CBA was the first large Australian bank to allow clients to purchase, trade, and store cryptocurrency assets in a trial programme last year, using its CommBank app, in collaboration with Chainalysis and Gemini.
Speaking at the Blockchain Australia event, CBA’s managing director of blockchain and digital assets Sophie Gilder stated that given existing government regulations, there is a “whole range of client wants that we would like to fulfil, but in a calm and steady manner.”
“Things move a little slower for larger institutions than for many of the dynamic institutions in front of me,” Gilder remarked.
“Our main focus for the coming year will be on programmable currency or CBDCs, which have enormous potential to reshape what is possible in financial services.
“I’m really looking forward to seeing how it plays out; I’ve been keeping an eye on it for a while. I wish it was available when we issued a blockchain bond so that you could have the payment rails as well.
Gilder stated that since the debut of its cryptocurrency business last year, “we’re trying to start small and make sure that we do it right.”
“Another uncommon thing we’re doing, at least for this market, is relying on the existing regulatory structure in the lack of a full regulatory environment.
“So we launched Commbank crypto as a regulated financial product because we want to raise transparency requirements, which we believe is vital for client confidence.
“That varies by market, but overall, the reception has been really favourable… This calendar year, we intend to expand and add new features.”