HSBC chief executive Noel Quinn reiterated the bank’s positions on cryptocurrencies, underlining that it was more negative on the digital asset class than other competitors.
Despite the growing number of new entrants into the crypto industry, HSBC maintains its reluctance and reiterated that it had no related business plans.
«As a bank, we're not getting into the crypto world, crypto trading, crypto exchanges,» said HSBC chief executive Noel Quinn in a television interview with «CNBC» last week.
«More Negative»
According to Quinn, the bank was especially unsupportive when it comes to cryptocurrencies due to high volatility and concerns about suitability for clients.
«As a product, I questioned its suitability for many of the consumers in the marketplace today. So that's why HSBC is more negative on crypto than other banks,» he said, but reserved judgment on the final outcome. «I do worry about the sustainability of the valuations of crypto and I have done for a while. I'm not going to predict where it will go in the future.»
Meanwhile, an increasing number of banks and asset managers are entering the crypto industry in various forms including Goldman Sachs, Blackrock, DBS, Julius Baer, LGT and more.
