Commonwealth Bank Puts Crypto Trading Trial on Hold as Regulators Dither
"Our intention still, at this stage, is to restart the pilot, but there are still a couple of things that we want to work through on a regulatory front to make sure that that is most appropriate."
Comyn stated that a Treasury filing for the programme is being reviewed, but he did not provide an estimated completion date. Even though the second pilot programme had already been placed on hold by April when banking regulators objected to allowing regular bank users easy access to crypto, Comyn added that last week's high volatility confirmed the necessity for the extended delay. Consumer protections were missing from the CBA's services, according to the Australian Securities and Investment Commission (ASIC).
"It is certainly a very volatile sector with enormous interest," he remarked.
"But alongside that volatility and awareness and I guess the scale, certainly globally, you can see there is a lot of interest from regulators and people thinking about the best way to regulate that."
Comyn also implied that the bank was waiting for the outcome of Saturday's Federal election. If a new administration takes power, it might bring significant changes to the crypto regulatory landscape, which Comyn believes "will be a priority for the incoming government to consider."
Last November, the CBA became Australia's first central bank to provide cryptocurrency services through its mobile app. The trial programme offered access to the 6.5 million users once it was ultimately implemented. Those plans are currently on hold indefinitely.