Commonwealth Bank of Australia halts cryptocurrency project

Following the recent global crypto crash, the Commonwealth Bank of Australia has halted any advances into the crypto space.

Declaring in November of last year that crypto functionality is in development as an integration for its app, the bank has now paused any actions towards making the service live for its customers.

The project is also affiliated with crypto exchange Gemini and blockchain analysis firm Chainalysis, initially planning to release a total of 10 digital currencies for bank customers to trade with, including Bitcoin, Ethereum, Bitcoin Cash and Litecoin.

Matt Comyn, CEO of Commonwealth Bank of Australia, said: “As events of the last week have reinforced, it is clearly a very volatile sector that remains an enormous amount of interest.

“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.

“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.

“We want to continue to play a leading role in providing input into that and shaping the most appropriate regulatory outcome.”

At the moment, Australia is at a crucial crossroad of deciding how it will regulate cryptocurrencies, with the Australian Federal Treasury taking proposals until May 27.