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

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

Noel Quinn has been skeptical beforerelated to cryptocurrencies, and in a recent interview he confirmed his position. Quinn said that as a banking giant, HSBC does not intend to provide cryptocurrency services to customers or cooperate with exchanges. He sees digital assets as volatile, especially given the protracted market decline.

“I doubt the suitability of cryptocurrenciesproducts for consumers in the modern market. Cryptocurrencies are very volatile, and I’m afraid to even imagine which way the market will go. Therefore, HSBC takes a stricter approach to cryptocurrencies than other banks,” said the HSBC executive.

Quinn does not consider Bitcoin a full-fledged payment methodmeans, because due to the variability and instability of the exchange rate, it is difficult to evaluate it on clients’ balance sheets. For the same reason, the bank is in no hurry to introduce stablecoins. Quinn explained that despite the pegging of stablecoins to government currency, their value still depends on the company’s reserves.

Let us recall that in April last year the CanadianHSBC has banned customers from buying shares of public companies associated with cryptocurrencies. At the same time, the bank is showing interest in Web3 - in March, HSBC bought a site in the metaverse The Sandbox to interact with financial services providers and sports communities.