“The weight of money” means that encryption cannot be ignored

A senior executive of ANZ Bank stated at the Australian Blockchain Forum that the crypto industry has grown to a scale that cannot be ignored by traditional finance.

The comment was made a day after rival Commonwealth Bank announced that it would launch Encrypted trading services for 10 digital assets Through its Commbank app.

On Thursday, Blockchain Australia hosted the “State of Play” forum. Representatives from MasterCard, ANZ and NAB The crypto industry after CBA.

Nigel Dobson, head of ANZ Banking Services Portfolio, said that the growth of encryption and blockchain technology in the past 12 to 18 months has put the industry firmly on the bank’s attention:

“There is a weight of money, you just can’t ignore it at certain times, right? And you know, in the DeFi world that we’ve been paying attention to for a while, even in the currency field, it’s the weight of money and the flow of money into these places. The quality of funding made us think, um, what happened here?”

“When you get a deeper understanding of this matter, we concluded that this is a major agreement shift in the financial market infrastructure,” he added.

Dobson is a senior banker with more than 30 years of experience at Barclays, Citibank and ANZ Bank. He likened the technological progress brought about by blockchain technology to the transformative impact of the Internet on global business in the early 2000s.

“We are seeing the same transformation happening here. We are shifting to more decentralized, arguably more trusted, safer, faster, cheaper, and better-yet to be proven-but if this is what these protocols can Arguments that produce better results and new business models, then they cannot be ignored,” he said.

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None of the other members of Australia’s four major banks announced any immediate plans to follow the CBA to enable encrypted transactions. Dobson said that it is not yet clear how the CBA trial will proceed, but hinted that ANZ may join the party at some stage.

“I think the move taken by CBA yesterday is bold. It remains to be seen whether these customers will accept this. But of course, everything we have been talking about today, especially in this part of the comments, is that the ship has already sailed. So. , What we need to do is to guide us on the way to use these networks,” he said.

The bullish comments mark a major change for the bank, which recently reached a settlement with Canberra’s Bitcoin trader Aaron Flynn. Take legal action against ANZ Because he worked as a digital currency exchange (DCE) from 2018 to 2019.