HSBC’s CEO Explains Why Crypto Is Not in the Banking Giant’s Future – Finance Bitcoin News

According to CEO Noel Quinn, banking giant HSBC will not offer crypto services. Noting that HSBC is more negative on crypto than other banks, the executive emphasized: “I worry about the sustainability of crypto valuations.”

CEO Says HSBC Won’t Get Into Crypto

HSBC CEO Noel Quinn spoke about his bank’s crypto stance in an interview with CNBC-TV18 last week. He asserts:

As a bank, we are not involved in the crypto world, crypto trading, crypto exchange.

Emphasizing that cryptocurrencies are too volatile, the HSBC director said: “I worry about the sustainability of crypto valuations and I have been for a while. I wouldn’t predict where it will go in the future.”

Quinn went on to explain why HSBC is more negative on crypto than other banks. He stated:

As a product, I have questioned its suitability for many consumers in today’s market. So that’s why HSBC is more negative on crypto than other banks.

In May last year, Quinn told Reuters: “I see bitcoin as more of an asset than a means of payment, with very difficult questions about how to value it on a client’s balance sheet because it’s very volatile.”

“Given the volatility, we don’t treat bitcoin as an asset… We don’t promote it as an asset in our wealth management business,” he added.

As for stablecoins, Quinn said at the time: “For the same reasons, we are not rushing into stablecoins.” He explained that stablecoins “have some reserve support behind them to address stored value concerns, but it depends on who the sponsor is, plus the structure and accessibility. reserve’s edge.”

In April last year, HSBC Canada informed customers that its cryptocurrency policy had changed, stating that it would not facilitate the purchase or exchange of money-related products. virtual. For example, a customer can do not buy anymore shares of Microstrategy (MSTR-US) through HSBC Invest Direct.

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

Kevin Helms

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

Image credits: Shutterstock, Pixabay, Wiki Commons

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