CEO of HSBC Bank In a conversation with Reuters, he revealed his views on cryptocurrencies. According to Noel Quinn, cryptocurrencies are not an asset class.
HSBC, one of the world’s largest multinational banks, has a pessimistic view of digital assets. This bank will not provide any services related to digital currencies in the future.
Read more: The best cryptocurrency to invest in 2022
Statements by the CEO of HSBC about cryptocurrencies
Noel Quinn, CEO of HSBC, said about cryptocurrencies: “I am concerned about the sustainability of the valuation of cryptocurrencies. I’m not going to predict the future of cryptocurrencies.” In his recent interview with CNBC 18 TV, Kevin emphasized that HSBC Bank Under no circumstances will it enter the cryptocurrency space and exchange activities. According to the CEO of HSBC, digital currencies are not stable in terms of price stability.
In a May 2021 interview with Reuters, Neville Coin revealed his views on digital currencies. According to the CEO of HSBC, cryptocurrencies are not a suitable means of payment. Quantifying cryptocurrencies on balance sheets is difficult due to the high volatility of these assets.
HSBC Bank Due to the volatile nature of Bitcoin, it refuses to promote or support it as an asset class. For a similar reason, HSBC is not interested in using stablecoins. Stablecoins They are supported by the US dollar, but their performance still depends on the access, structure and organization that supports it.
Increasing cyber attacks in the field of cryptocurrency
In April 2021, changes were made to HSBC Canada’s Digital Assets Policy. These changes included the suspension of sales or exchange transactions for crypto-related products.
Neville Quinn has a rather pessimistic view of digital assets and how they fit into today’s market and consumer base. Apart from high volatility of digital currencies, The increase in cyber attacks related to the crypto space has also caused many financial institutions to lose confidence in Bitcoin and other cryptocurrencies.
More than 56 percent of Digital currency cyber attacks have been targeted. Hackers managed to steal more than a billion dollars in assets this year. Lazarusa hacker group belonging to North Korea, managed to steal around $540 million worth of digital assets on Ronin Bridge and other DeFi platforms. For these reasons, HSBC does not consider cryptocurrencies as an asset class.
The presence of financial institutions in Metaverse
As the popularity of Metaverse increases, several well-known businesses such as HSBC Bank and JPMorgan Chase expand their presence in the Metaverse space. HSBC bought a piece of land in Metaversi last March Sandbox (Sandbox) bought. HSBC Bank became the first global financial institution to purchase Metaverse land.
JPMorgan Bank Also last month, Onyx Hall Decentraland established In this hall, users will be able to buy property with cryptocurrency.
What do you think about the statements of the CEO of HSBC Bank? Are cryptocurrencies not a suitable means of payment? Please leave your comments in the comments section duplicate share it.