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Highlights
- The Commonwealth Bank has paused the launch of its cryptocurrency trading app amid the current market turmoil
- The Australian Federal Treasury is currently consulting on crypto regulation, with submissions closing on 27 May
- Bitcoin, the world’s largest cryptocurrency, has lost well over half its value since November with many of the top ranked crypto tokens following suit
The Commonwealth Bank has paused the launch of its cryptocurrency trading app amid the current market turmoil.
Commonwealth Bank announced the launch of the app in November allowing customers to buy and sell ten crypto assets including bitcoin, Ethereum and Litecoin.
Additionally, the bank had planned to roll out more features throughout this year. However, the rollout has been effectively halted with no word as to when it will resume.
Commonwealth Bank Chief Executive, Matt Comyn, told the Guardian yesterday further regulation would be required before the app would be able advance forward, citing the market’s extreme volatility in recent weeks.
Also Read: Why is Live Crypto Party’s LCP token trending?
The halting of the app’s rollout comes at a turbulent time for cryptocurrency, which has suffered massive losses since November last year.
Bitcoin, the world’s largest cryptocurrency, has lost well over half its value since November with many of the top ranked crypto tokens following suit.
To add to the market’s woes, former top ten token TerraUSD and its sister coin, Terra Luna, collapsed in dramatic style earlier this month, losing nearly all its value in a matter of days.
Meanwhile, the Australian federal Treasury is currently consulting on crypto regulation, with submissions closing on May 27.
Comyn yesterday told The Guardian that the government would focus on how best to regulate the crypto sector following this month’s federal election.
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Data Source: CoinMarketCap.com, based on top 100 cryptos.
Note: Growth from the 24 hours prior to 12:30pm AEDT
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