Australia’s largest bank “Commonwealth Bank of Australia” has halted its in-house cryptocurrency trading program after UST and LUNA collapsed.
LUNA and UST caused this decision
Today, CBA, which introduced its cryptocurrency pilot program to selected customers earlier this year, paused its service as the cryptocurrency market crashed last week. The bank did not share information on when the pilot program will resume before it was announced when it would be fully rolled out.
CBA awaits users’ feedback and cryptocurrency regulations before taking the next step
CBA CEO’ Su Matt Comyn stated in a technical briefing earlier this week that the bank is still waiting for customer feedback and adequate regulation before moving on to the next phase of its cryptocurrency trading program. Currently, the Australian Federal Treasury is known to collect information on the country’s cryptocurrency regulations by May 27. At this stage, our intention is still to restart the pilot, but there are a few things we want to work on on a regulatory front to make sure this is optimal.
Commonwealth Bank announced last November that it will support ten cryptocurrencies including BTC, ETH, BCH and LTC directly through the CommBank app. However, the loss of more than 50 billion Terra has forced exchanges, institutions and companies related to cryptocurrencies to suspend decisions.
Terra LUNA ecosystem collapse negatively impacts all related industries
CBA’s decision, Terra’s stablecoin UST, LUNA’ It came after it lost its peg to the dollar, which continues to affect the cryptocurrency market and the entire cryptocurrency market. While the Commonwealth Bank of Australia does not include UST and LUNA in the list of cryptocurrencies it plans to offer to its clients, all ten listed cryptocurrencies have suffered huge losses over the past week. As Kriptokoin.com news, LUNA fell to $0.00000009, while cryptocurrencies such as Bitcoin and Ethereum fell to $27,000 and $1,824, respectively.
