Australia's Banking Regulator Looks into CBA's Jump into Crypto

Australia's banking watchdog said it was examining the regulatory implications of Commonwealth Bank's (CBA)'s planned introduction of bitcoin trading to unsophisticated retail investors - the first bank in Australia to do so, Reuters reported. CBA says that it would welcome a clear regulatory framework for crytpocurrencies, which are not formally regulated in Australia. On Wednesday CBA broke banking industry ranks to match offerings from fintech firms by announcing it will become the first main-street bank in the developed world to offer a platform for retail customers to trade cryptocurrencies. The move is forcing financial watchdogs in Australia to immediately focus on the volatile $2 trillion crypto trading industry that many argue has no intrinsic value and relies on users' complete trust in different types of software. Read more.
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