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Australian bank with 6 million clients would offer services with bitcoin

Commonwealth Bank (CBA), one of the most important banks in Australia, it seems that it will be part of the financial institutions that achieve a healthy relationship with bitcoin (BTC). According to sources, it will announce in the next few hours that it will allow its clients to store and use this and other cryptocurrencies through its mobile application.

According to what was published by the local Financial Review medium, citing internal sources of the institution, about 6.5 million users will have access to these services related to the ecosystem, in an attempt to attract younger clients and stay in the competition with platforms such as Square and PayPal.

The measure will make this bank the first in that country (and one of the few in the world) to offer bitcoin-related services to its customers. It is believed that this plan seeks to allow users of the application to buy bitcoins and make other investments from next year .

Specifies the medium that the CBA will announce the new measure tomorrow, Wednesday morning. Also planned is the announcement of partnerships with the exchange Gemini, which will be in charge of facilitating trade, and the analytics firm Chainalysis, which will provide intelligence and compliance services for BTC transactions .

Although there is no official information, sources close to the institution told the newspaper that offering cryptocurrencies “will increase the commitment to its application”, something key to performance, because of the volatility of bitcoin and other assets, customers will enter the app more often to verify the value of their holdings.

Even in the CBA they plan to enable an option to pay for goods and services in the real economy using cryptocurrencies, according to one of the sources consulted by that newspaper.

The Australian bank would prepare to provide services with bitcoin to their customers. Source: Wikipedia

More of a technological platform than a bank

According to the media, the CBA seeks that its application gains total relevance and begins to form part of the entity’s own digital ecosystem, allowing clients pay bills, check balances and manage properties or pay services .

“CBA wants to operate more like a technological platform than like a traditional bank”, say the sources, They add that the bank does not want to be left behind in creating great applications that are attractive to customers .

Financial Review specified that the Australian Tax Office has estimated that more than 600,000 taxpayers have invested in assets digital in recent years and that the CBA has already discussed its plans with regulators , “who are considering introducing licensing regimes for cryptocurrencies.”

The interesting thing is that this adoption of BTC is It is just when this and other banks were criticized in Australian Senate Committee hearings in September for failing to provide necessary banking services to cryptocurrency companies.

Bitcoin is “too important to ignore”

The news of the adoption of the Australian bank recalls the recent investigation of Bank Of America, one of the most important entities in the United States (USA). UU.), Where admitted bitcoin and other cryptocurrencies as very important assets to ignore them .

“Bitcoin is important, but the ecosystem of digital assets is much more so. Our research aims to explore the implications across all industries, including finance, technology, supply chains, social media and gaming, ”said the Bank’s Director of Global Strategy for Cryptocurrencies and Digital Assets, Alkesh Shah, as reported by CriptoNoticias.

In fact, and in that line, a group of US banking regulators communicated their intention to provide a “clear route” for banks and clients that they want to have bitcoin and other cryptocurrencies.

Jelena McWilliams, the president of the Federal Deposit Insurance Corporation (FDIC), said that cryptocurrencies could be included in each person’s bank balances as traditional assets. It even states that could begin to be used as collateral for loans .

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Sandra Loyd
Sandra is the Reporter working for World Weekly News. She loves to learn about the latest news from all around the world and share it with our readers.

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