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As the popularity of cryptocurrencies continues to grow, more countries are trying to figure out how to regulate these new forms of currency. The UK has recently said it plans to regulate cryptocurrencies, but don’t expect to see any regulations from HSBC. The CEO of the international banking corporation, Stuart Gulliver, said that the bank has no plans to explore the world of cryptocurrency. During a news conference, he stated that the bank “has no current intention of getting into crypto.”
Bitcoin has come under continual criticism from high-level banking executives in the past, with the latest being Stephen Green, the CEO of HSBC. Green said that despite the hype surrounding digital currency, there were no plans to integrate them into their operations. “Bitcoin is not on our agenda at all at the moment,” said Green. “We are a global bank, we are regulated in almost every part of the world, so we have to be very careful what we do in the area.”
As a cryptocurrency, Bitcoin is not something that is currently on the agenda for the chief executive of one of the world’s largest banks: the head of HSBC Stuart Gulliver has said that the bank has no plans to trade in bitcoin, although he says that the bank will be keeping an eye on the digital currency as a “test case” for financial institutions.
The recent boom in cryptocurrency prices seems to provide the popular anti-cryptocurrency bank HSBC with a good opportunity to double down on its negative attitude towards virtual currencies.
Speaking to Reuters on Monday, HSBC CEO Noel Quinn said the bank was not interested in operating a cryptocurrency trading desk or offering cryptocurrency investment packages to its customers. Quinn cited volatility as the main reason for the bank’s decision, despite an emerging trend of other major financial institutions announcing plans to open up investment opportunities in cryptocurrencies to their customers.
In early May, investment banking giant Wells Fargo announced plans to launch a wholesale cryptocurrency investment product. In addition, other major US banks, such as Morgan Stanley and Goldman Sachs, are in various stages of launching institutional bitcoin funds for their clients.
Also, in May, the New York Digital Investment Group partnered with fintech firm Fidelity National Information Services to create a framework for U.S. lenders to offer cryptocurrency trading services to their clients.
On HSBC’s reluctance to embrace bitcoin (BTC) and cryptocurrencies in general, Quinn expressed his opinion: I see bitcoin as an asset class rather than a payment instrument, with very difficult questions about how it should be valued on a client’s balance sheet, as it is highly volatile.
The CEO of HSBC also spoke out against Stablcoins, questioning the reputation of the issuers and doubting whether floating Stablcoins are backed by structured reserves. However, Quinn expressed support for central bank digital currencies and said CBDCs could facilitate cross-border payments.
As Cointelegraph previously reported, HSBC has a history of anti-crypto sentiment, with the bank blacklisting MicroStrategy shares on its online retail platform. HSBC said at the time that the decision was due to MicroStrategy’s huge investment in bitcoin.
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