The recent cryptocurrency price turmoil seems to provide ample opportunity for the popular anti-crypto bank HSBC to double its negative stance on virtual currencies.
HSBC CEO Noel Quinn speaks to Reuters on Monday Say The bank is not interested in operating an encrypted trading platform or offering its customers investment packages related to cryptocurrency.
Although other major financial institutions have announced plans to open up cryptocurrency investment channels for their clients, Quinn still regards volatility as the main reason for the bank’s decision.
In early May, investment banking giant Wells Fargo announced plans for an initial public offering Key customers’ cryptocurrency investment products.In addition, other major U.S. banks such as Morgan Stanley and Goldman Sachs are also in different stages of launch Provide institutional-level Bitcoin funds to its clients.
In early May, the New York Digital Investment Group partnered with financial technology company Fidelity National Information Services to provide a framework for US lenders Provide customers with encrypted transaction services.
Details HSBC’s silence on Bitcoin (Bitcoin) And cryptocurrency, Quinn believes:
“I think Bitcoin is more of an asset class than a payment tool. Because of how volatility, the value of Bitcoin on the customer’s balance sheet has a very difficult problem.”
The CEO of HSBC also delved into stablecoins, questioned the reputation of the issuer, and questioned the extent to which structured reserves support circulating stablecoins.
However, Quinn expressed support for central bank digital currencies, saying that CBDC can simplify cross-border payments.
As previously reported by Cointelegraph, HSBC has a long history of anti-crypto sentiment with the bank Blacklist MicroStrategy stock On its online retail trading platform. At that time, HSBC revealed that the move was driven by MicroStrategy’s large-scale Bitcoin investment.
According to reports, earlier this year, the bank also prevented customers from repatriating profits from the cryptocurrency trading platform to their HSBC bank account.