December 7, 2022

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HSBC has no plans for a cryptocurrency trading desk or to offer digital coins as an investment

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Reuters with this report on HSBC shunning crypto, saying its too volatile and lacks transparency:

has no plans to launch a cryptocurrency trading desk or offer the digital coins as an investment to customers

From an interview Reuters conducted with the bank’s CEO:

  • “Given the volatility we are not into Bitcoin as an asset class, if our clients want to be there then of course they are, but we are not promoting it as an asset class within our wealth management business” 

Said similar on stablecoins. But on central bank digital currencies (CBDCs):

  • “CBDCs can facilitate international transactions in e-wallets more simply, they take out friction costs and they are likely to operate in a transparent manner and have strong attributes of stored value” 
Reuters with this report on HSBC shunning crypto, saying its too volatile and lacks transparency:

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