Virtual Currency Banking Services Appear in Spain and Australia

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Cho Hyun-ui] Major banks in Spain and Australia have launched services that allow investment in and custody of cryptocurrencies such as Bitcoin.

According to the Wall Street Journal (WSJ) on the 4th (local time), BBVA, the second-largest bank in Spain by assets, has enabled customers to hold or trade Bitcoin and Ethereum through digital accounts. BBVA, which also operates in Latin America, said the service is particularly popular among its Latin American customers.

Commonwealth Bank, Australia's largest bank, has partnered with a cryptocurrency exchange to launch a pilot service that allows trading and custody of cryptocurrencies through the bank's mobile app. Currently, 10 types of cryptocurrencies can be traded, and the bank plans to expand the service to more users within the year.

Since cryptocurrencies pose risks of being used for money laundering, both Commonwealth Bank and BBVA are restricting transfers between cryptocurrency wallets.

In Germany, a savings bank group is reviewing a cryptocurrency wallet service. WSJ explained, "This movement comes as regulatory authorities and banks in various countries, who had hoped interest in cryptocurrencies would wane over the past few years, are now surprised by the cryptocurrency boom."

This content was produced with the assistance of AI translation services.