The CEO of Westpac Group, Australia's second-largest bank, has claimed it is "too soon" to panic about bitcoin and blockchain technology.

At a strategy briefing in Sydney yesterday, Brian Hartzer said the future of the technology – which has a number of "limitations" – is currently uncertain, the Sydney Morning Herald reports.

He added:

In June, the bank went public with details of its current proof-of-concept with Ripple Labs, which will see it test out low-value transfers overseas. Reinventure Group, a VC fund backed by Westpac also took part in Coinbase's $75m Series C in January.

In his speech, Hartzer – who took the role in February – pointed to a 20% increase in spending on technology and efficiency at the bank in the coming years, bringing its total spend to around $1.3bn.