The recent tumultuous price action for cryptocurrencies seems to be providing ample opportunity for popular anti-crypto bank HSBC to double down on its negative stance towards virtual currencies.<\/p>\n
Speaking to Reuters on Monday, HSBC CEO Noel Quinn\u00a0said that the bank was not interested in running a crypto trading desk or offering cryptocurrency-related investment packages to its clients.<\/p>\n
Quinn identified volatility as a major reason for the bank\u2019s decision despite the emerging trend of other major financial institutions announcing plans to open up crypto investment avenues for their clients.<\/p>\n
Earlier in May, investment banking giant Wells Fargo announced plans to debut a crypto investment product for major clients. Also, other major U.S. banks like Morgan Stanley and Goldman Sachs are in various stages of rolling out institutional-grade Bitcoin funds for their customers.<\/p>\n
Earlier in May, the New York Digital Investment Group partnered with fintech outfit Fidelity National Information Services to provide a framework for United States lenders to offer crypto trading services to customers.<\/p>\n
Detailing HSBC\u2019s reticence on Bitcoin (BTC) and crypto in general, Quinn opined:<\/p>\n
\u201cI view Bitcoin as more of an asset class than a payments vehicle, with very difficult questions about how to value it on the balance sheet of clients because it is so volatile.\u201d<\/p><\/blockquote>\n
The HSBC CEO also took a dig at stablecoins calling into question the reputation of the issuers as well as questioning the extent to which stablecoins in circulation are backed by structured reserves.<\/p>\n
Quinn, however, voiced support for central bank digital currencies stating that CBDCs could simplify cross-border payments.<\/p>\n
As previously reported by Cointelegraph, HSBC has a noted history of anti-crypto sentiments with the bank blacklisting MicroStrategy stock on its online retail trading platform. At the time, HSBC revealed that the move was due to MicroStrategy\u2019s massive Bitcoin investment drive.<\/p>\n
Earlier in the year, the bank also reportedly blocked customers from repatriating profits from crypto exchange platforms to their HSBC accounts.<\/p>\n