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HSBC CEO Explains Why Cryptocurrencies Are Not In The Big Bank’s Future

Major bank HSBC will not offer cryptocurrency services, according to CEO Noel Quinn. HSBC noted that it has been more reluctant to cryptocurrencies than other banks, stressing that it is “concerned about the sustainability of cryptocurrency valuations.”

HSBC Won’t Enter Cryptocurrency, Says CEO

HSBC Chief Executive Noel Quinn discussed the bank’s stance on cryptocurrencies in an interview with CNBC-TV18 last week. he confirmed:

As a bank, we have not entered the world of cryptocurrencies, cryptocurrency trading or cryptocurrency exchanges.

The HSBC chief stressed that cryptocurrencies are too volatile, stating: I’m not trying to predict where it will go in the future. ”

Quinn explained why HSBC is more reluctant to cryptocurrencies than other banks. he said:

As a product, we wondered if it would be suitable for many consumers in today’s market.

Quinn told Reuters in May last year:

He added: “Given the volatility, we are not interested in Bitcoin as an asset class…we are not promoting it as an asset class within our wealth management business.”

Regarding stablecoins, Quinn said at the time, “For similar reasons, we are not rushing to work on them.” He said that a stablecoin “has some reserve backing behind it to address the stored value issue, but it depends on who the sponsoring organization is, as well as the structure of the reserve. and accessibility,” he explained.

Last April, HSBC Canada notified customers of a change to its cryptocurrency policy, stating that it would not facilitate the purchase or exchange of goods related to cryptocurrencies. For example, customers can no longer buy shares in Microstrategy (MSTR-US) through his HSBC Invest Direct.

What do you think of HSBC CEO Noel Quinn’s comments on cryptocurrencies? Let us know in the comments section below.

Kevin Helms

An Austrian economics student, Kevin has been an evangelist since he discovered Bitcoin in 2011. His interests lie in Bitcoin security, open source systems, network effects, and the intersection of economics and cryptography.

image credit: Shutterstock, Pixabay, Wiki Commons

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HSBC CEO Explains Why Cryptocurrencies Are Not In The Big Bank’s Future

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