Stablecoin

Bank

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/commonwealth-bank-of-australia-advances-web3-initiatives/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Commonwealth Bank of Australia Advances Web3 Initiatives</a><br></p>
<p style="text-align: justify">Commonwealth Bank of Australia (CBA), the nation’s largest financial institution, announced its ongoing projects in the <a href="https://en.coin-turk.com/telegram-integrates-web3-technology-with-new-in-app-browser/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Web3</a> space. The bank is particularly experimenting with stablecoins and tokenization to facilitate transactions both locally and internationally.</p>
<h2 id="stablecoin-and-tokenization-projects">Stablecoin and Tokenization Projects</h2>
<p style="text-align: justify">Sophie Gilder, CBA’s Director of Blockchain and Digital Assets, revealed at this week’s <a href="https://en.coin-turk.com/cryptocurrency-market-faces-significant-pullback/" data-wpel-link="internal" rel="noopener noreferrer nofollow">crypto</a> summit hosted by the Australian Financial Review (AFR) that the bank has been working on crypto-based projects since 2016. One of the most significant experiments involves using stablecoins pegged to the Australian dollar as a fast and cost-effective payment method.</p>
<p style="text-align: justify">Additionally, the bank is evaluating the use of a local <a href="https://en.coin-turk.com/ethereums-layer-2-network-blast-surpasses-2-1-billion-in-tvl/" data-wpel-link="internal" rel="noopener noreferrer nofollow">blockchain</a> to process tokenized deposits. This approach could provide a more efficient method for large transactions. Financial giants, from the People’s Bank of China to JPMorgan, are also exploring this area.</p>
<h2 id="regulations-and-barriers-to-innovation">Regulations and Barriers to Innovation</h2>
<p style="text-align: justify">While financial regulators are often seen as impediments to the crypto industry, Sophie Gilder from CBA disagrees with this perspective. She acknowledged that regulatory uncertainty presents a significant bottleneck for Web3 innovation in Australia, mainly stemming from politicians’ inaction.</p>
<blockquote>
 <p><em>“Regulators typically have good resources to monitor and evaluate existing products, but less for innovative products.”</em></p>
</blockquote>
<p style="text-align: justify">Gilder emphasized that regulators are bound by current laws and cannot create new laws independently or exceed their authority. Hence, she argued that political will and new legislation are necessary to pave the way for innovation.</p>
<blockquote>
 <p><em>“What we need in Australia is political will and the application of laws.”</em></p>
</blockquote>
<h2 id="looking-ahead-at-the-crypto-industry">Looking Ahead at the Crypto Industry</h2>
<p style="text-align: justify">As national election campaigns are expected to begin in 2025, there is curiosity about how politicians will approach the crypto industry. Whether policies and regulations related to the crypto sector will be on the election agenda remains a significant question mark.</p>
<p style="text-align: justify">Commonwealth Bank’s interest in crypto technologies and initiatives is viewed as an important step for the future of financial technology in Australia. However, for these innovations to gain traction, legal regulations and political will must act in concert. The adoption of crypto technologies can only be achieved through the collaborative efforts of both banks and the government.</p>
<p>The post <a href="https://en.coin-turk.com/commonwealth-bank-of-australia-advances-web3-initiatives/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Commonwealth Bank of Australia Advances Web3 Initiatives</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.</p>

Commonwealth Bank of Australia Advances Web3 Initiatives

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