London, Europe Brief News –The LUNA collapse destroyed up to 15% of the market’s major digital coins in the bank bitcoin. According to reports, the Commonwealth Bank of Australia has halted testing its crypto exchanges and correctional facility services.
The bank was the first in the country to allow cryptocurrency in November 2021. The bank claims to collaborate with Gemini and Chainalysis to enable cryptocurrency exchanges on its app. The exchanging of Bitcoin, Ethereum, and the other eight cryptocurrencies was the initial step of the step-by-step rollout. We expect more of the cryptocurrency to display as time goes on.
Bank Bitcoin
Nevertheless, the bank is currently trying to calm down the situation that has caused havoc in the market. The market downturn was one of the effects. However, the bank played a bit smartly and refused to give a timeline for the resuming of the test.
The bank claimed, “Our timeline still, at this stage, is to restart the pilot, but there is still a couple of things that we want to work through on the regulatory front.”
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Regulatory Compliance
Hearing about the LUNA crash, the Commonwealth Bank of Australia’s CEO claims that the abrupt changes in the cryptocurrencies sector have been triggered. And even though this significant change took place, it is seen that people are still gaining interest in this aspect worldwide.
Furthermore, the Federal Government states that plans for the immediate regulations to take place around December. They are also providing consultations about the future and mainly focusing on how to license the crypto exchanges to prevent this. Moreover, they also report that the bank will lay low for a while to regulate the system accordingly.
They claim, “We want to continue to play a leading role in providing input into that and shaping the most appropriate Regulatory outcome.”
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Prevention of further damage
A lecturer at Swinburne University claims that because the bank has openly reinforced cryptocurrencies. So it is now trying to limit the damage it is getting. The lecturer further talks about the decisions made by the back were solely for its regulatory clarity, brand equity, and risk balancing.
He made an intellectual point that the bank won’t let go of the first-mover advantage. And will keep associating itself with cryptocurrencies. The lecturer also states, “to minimize disruption IN CBA’s current business model.”
