Noel Quinn, CEO of HSBC, the British investment bank and the largest bank in Europe, says the bank has no plans yet. Cryptocurrencies To get inside.
In an interview with Reuters on May 24, the CEO said that HSBC had no plans to open a trading division like Crypto. Bitcoin (BTC) The bank does not offer crypto as an investment to customers.
– Reuters (e Reuters) May 24, 2021
Quinn says crypto bitcoin is very volatile and lacks transparency. The CEO said it was difficult to find out who owned Crypto and that there were problems converting it to Fiat currency.
“Given its fluctuations, we do not like Bitcoin as an asset class. If our clients want to be there, of course they do, but we do not promote it as an investment arm within our asset management. ”
Done Stablecoins The bank manager is a little more positive, but HSBC does not want to start it:
I see Bitcoin as an asset class rather than a payment vehicle with very difficult questions about how to value it on customers ’balance sheets. You will then receive Stablecoins, which have some backup support for resolving stored value concerns, but it depends on who the sponsoring organization is and the structure and accessibility of the reserve. ”
In Stable Coins issued by a Central Bank Central Bank Digital Currencies (CBDCs), Quinn sees possibilities:
“CBDCs will be able to facilitate international transactions in e-wallets more easily, which will eliminate ix energy costs, and they will operate in a transparent manner and have strong attributes of stored value.”
The negative attitude towards crypto is not surprising. In April, the bank blocked customers Microstrategy (MSTR) for stock buying due to Bitcoin investment. On the other hand, we have recently seen other banks increasingly adopting the crypto sector.
Problem solver. Incurable bacon specialist. Falls down a lot. Coffee maven. Communicator.