HSBC chief govt Noel Quinn reiterated the financial institution’s positions on cryptocurrencies, underlining that it was extra destructive on the digital asset class than different opponents.
Despite the rising variety of new entrants into the crypto business, HSBC maintains its reluctance and reiterated that it had no associated enterprise plans.
«As a financial institution, we’re not stepping into the crypto world, crypto buying and selling, crypto exchanges,» stated HSBC chief govt Noel Quinn in a tv interview with «CNBC» final week.
According to Quinn, the financial institution was particularly unsupportive in the case of cryptocurrencies as a result of excessive volatility and considerations about suitability for shoppers.
«As a product, I questioned its suitability for most of the customers within the market at the moment. So that is why HSBC is extra destructive on crypto than different banks,» he stated, however reserved judgment on the ultimate end result. «I do fear in regards to the sustainability of the valuations of crypto and I’ve finished for some time. I’m not going to foretell the place it should go sooner or later.»
Meanwhile, an rising variety of banks and asset managers are getting into the crypto business in varied varieties together with Goldman Sachs, Blackrock, DBS, Julius Baer, LGT and extra.