The Commonwealth Bank of Australia (CBA) has left its second pilot program indefinitely to provide cryptocurrency trading services and closed access to the former. Cointelegraph writes that this is due to regulatory uncertainty.

Matt Comyn, the CEO of the institution, said that he is in close dialogue with the authorities about the proper functioning of the created product. According to him, there were several unresolved issues that prevented testing from continuing.

The CBA hopes to get back on the project. The top executive announced that he was waiting for a response from the regulators, but did not specify the timing of the application.

According to Komin, the high volatility of the cryptocurrency market in recent days has confirmed the need to suspend the initial pilot program. Regarding the second claim, the Australian Securities and Investments Commission has raised consumer protection requirements.

The CBA did not rule out a change in the regulatory environment after the May 21 federal election.

Recall that in November 2021, the bank announced that it would be the first company in the country to offer customers access to digital assets. CBA announced the trading of ten cryptocurrencies through the CommBank app.

A study by PureProfile in December showed an increase in the share of Australians buying or holding cryptocurrencies from 18.4% to 28.8%.

In March 2022, ANZ Bank issued the A$DC stablecoin pegged to the Australian dollar. The project involved CBA and National Australia Bank.