Despite its rapid growth in the last year, many of Australia’s top financial institutions had not yet entered the cryptocurrency sector. It is keeping up with the expansion of the digital asset economy, which includes crypto exchanges, blockchain-based security tokens, and non-fungible tokens, or NFTs.
This was the case, at least in the second half of 2020. Even the first quarter of 2021 was no exception. However, at the time of publication, the crypto narrative appears to be slightly different.
In an interview, one of the senior executives of Australia and New Zealand Banking Group, or ANZ, expressed a positive narrative about the overall crypto scenario. Representatives from organizations such as Mastercard, ANZ, and NAB spoke at the “State of Play” forum about their perspectives on the crypto sector.
Today we hosted the 'State of Play' with over 1200 registrations and speakers from some of Australia's most recognisable businesses.
The conversation signalled very clearly that a revolution in payments is on our doorstep. pic.twitter.com/S32Vc4KToO
— Blockchain Australia (@BlockchainAUS) November 4, 2021
Nigel Dobson, ANZ’s Banking Services Portfolio Lead, was quick to recognize the unprecedented increase over the last 12 to 18 months. It’s no surprise that Dobson expressed an interest in the industry. Certainly, the bank was interested.
“There’s this weight of money that you just can’t ignore at some point, right?” And, you know, in the DeFi world that we’ve been watching for a while, or even just in the currency space, it’s just the weight of money and the quality of money that’s moving into these venues that makes us wonder, “Well, what’s going on here?”
The protocol is being updated.
He also stated that their research led them to the conclusion that a major protocol shift was taking place in the financial market infrastructure. The incorporation of crypto tokens by ANZ will undoubtedly put digital assets on the map in this region, regardless of the past.
The Commonwealth Bank of Australia (CBA) has become the country’s first banking institution to allow customers to buy, sell, and hold crypto-assets. Many people were taken aback by this.
Even the questioned executive. Dobson stated that it is unclear how the CBA’s trial will proceed, but that the ANZ is likely to join the party at some point.
“I think the CBA’s move yesterday was bold, and it remains to be seen whether those customers will embrace it.” But, without a doubt, all of what we’ve been discussing today, particularly in this section of the commentary, is that the ship has sailed. We must…navigate our way to utilizing these networks.”
Having said that, regulatory watchdogs are still skeptical of the country’s overall crypto demand. Especially after CBA’s audacious move. They want to see how the Commonwealth Bank’s planned introduction of bitcoin trading to unsophisticated retail investors will affect the regulatory landscape.