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Bank of Montreal
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Close 2021-05-27 C$ 126.18
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FP says CIBC, rivals cool to embracing cryptocurrencies

2021-05-28 09:05 ET - In the News

See In the News (C-CM) Canadian Imperial Bank of Commerce (CIBC)

The Financial Post reports in its Friday edition that major international financial services firms have been warming to cryptocurrencies, but Canada's big banks do not appear likely to join them soon. The Post's Stephanie Hughes writes that though the banks' trading platforms include exchange traded funds that may have exposure to cryptos, none of the Big Five, which post earnings this week, offers a direct avenue to invest in Bitcoin or other crypto assets. Several told the Post they are watching the space closely, but a recent report from DBRS Morningstar suggests they are unlikely to jump on the bandwagon and for good reason. It noted that the banks would be put off by a number of factors related to cryptocurrencies, including price volatility, the fact that they are not considered cash assets under international accounting standards, their connection to illicit activity as well as regulatory issues. DBRS Morningstar's John Mackerey said: "I don't think there's any benefit from becoming an early adopter. It's not that large a piece of the investment space, so I don't think it would have consequences." He does, however, see the banks changing their tune eventually, "if demand increases enough."

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