HSBC CEO: “We will not work with cryptocurrencies due to their high volatility”

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HSBC CEO Noel Quinn said he has a negative view of cryptocurrencies due to their excessive volatility, so the bank will not offer services related to digital assets.

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Noel Quinn has been a skeptic about cryptocurrencies before, and in a recent interview, he confirmed his position. Quinn said that as a banking giant, HSBC has no intention of providing crypto-currency services to customers and cooperating with exchanges. He considers digital assets unstable, especially against the backdrop of a protracted market decline.

“I doubt the suitability of cryptocurrency products for consumers in today’s market. Cryptocurrencies are very volatile, and I’m even afraid to imagine which way the market will go. Therefore, HSBC treats cryptocurrencies more strictly than other banks,” said the head of HSBC.

Quinn does not consider bitcoin a full-fledged means of payment, because due to the volatility and instability of the exchange rate, it is difficult to evaluate it on the balance of clients. For the same reason, the bank is in no hurry with the introduction of stablecoins. Quinn explained that despite the binding of stablecoins to the state currency, their value still depends on the availability of reserves from the company.

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Recall that in April last year, the Canadian division of HSBC banned customers from buying shares of public companies related to cryptocurrencies. At the same time, the bank is showing interest in Web3 – in March, HSBC bought a site in the metaverse of The Sandbox to interact with financial service providers and sports communities.

Source: Bits

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