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Have the shaky movements in the crypto market made Commonwealth Bank to halt its trading operations?

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The aftereffects of recent market turmoil have been noticed in a number of aspects where several institutions even stopped crypto trading

The largest bank in Australia has stopped the crypto trading launch through its application after looking at the uncertainty and turmoil in the market. In November last year, Commonwealth Bank announced its plans to permit its customers to avail the services for buying and selling cryptocurrency directly using its application. According to the plan, customers of the bank would then be able to make purchases of more than ten cryptocurrencies that would include top crypto assets like bitcoin (BTC), ethereum (ETH), litecoin, and others. 

Initially, the bank had planned to launch a pilot before rolling out more features progressively to its more customers in this year. However, there were several reports that confirmed that the rollout is paused while having no time to set about when it will continue. Along with this, all those who were involved in the initial testing phase would be unable to continue trading cryptocurrencies through the app. 

Matt Comyn, the Chief Executive of the Commonwealth Bank, said the company for a while was working on the feedback that it received from its customers but has indicated that more regulations would be required before moving on to the next stage. 

Comyn said that as events of the last week have turned out, it made this clear that the crypto market is a very volatile sector, making it interested in a significant amount. But along with the awareness and volatility and, as he guessed, the scalability, certainly globally as everyone can see that there is a lot of interest from regulators, and those people are thinking about the best ways to regulate them. 

The federal Treasury is making consultations over the regulations around cryptocurrency while having submissions open until 27th May. Comyn also indicated that the government formed following the election would have its sole focus on the ways to most appropriately regulate the nascent sector. 

He further said that we want to continuously play a leading role in order to provide input into that and also to shape the most suitable regulatory outcome. He said that their intention is still at this stage to start the pilot again but there are a couple of things that they still want to work upon through the regulatory front in order to make sure that is quite appropriate. 

Nancy J. Allen

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