After one major Australian bank this week announced it’ll give customers the option of trading crypto currencies, such as Bitcoin, on its existing banking app, you might have expected others to follow.

However, they have told the ABC they will not at this stage.

While there are many stories of cryptocurrency traders making a fortune “overnight”, it is widely accepted that it is very easy to lose money buying and selling cryptocurrencies online.

Warehouse worker Vanna O’Brien, like many younger Australians, did not earn much interest on her bank savings.

However, she has since turned hundreds of dollars into tens of thousands by investing in cryptocurrencies.

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“I’ve never had more than $800 my whole life,” she said.

“And now I’ve got $50,000 and it’s only been in a few months, so it’s just been, like, crazy.”

Ms O’Brien used her small amount of savings to buy Ethereum — a type of cryptocurrency — through the crypto exchange Coin Spot.

The coins grew in value so she decided to take them out and deposit — or stake them — in a virtual world called Axie Infinity.

It’s essentially an online video game developed by Vietnamese studio Sky Mavis where users can use and store Ethereum-based cryptocurrencies

And she’s earning quite a bit of interest on her coins.

“My coins are like in this bank.”

“So the coin’s called Axie, and they’re paying 130 per cent per annum.”

Industry largely unregulated

As more younger Australians choose cryptocurrency investments to fast-track their savings, Australia’s largest bank now wants a slice of the pie.

The CBA’s head of retail banking, Angus Sullivan, says the bank is now setting up its own pilot platform to buy, sell and hold cryptocurrencies.

“We see an opportunity but we’re not exactly sure how that’s going to work out.”

The Commonwealth Bank says it will warn customers of the financial dangers surrounding cryptocurrencies.<cite class="_3gxdk _3rsys _1srG4 _3PhF6 _10YQT _2Cu8q" data-component="…….

Source: https://www.abc.net.au/news/2021-11-05/commonwealth-bank-ushers-customers-into-cryptocurrency/100595968

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