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HSBC has no plans to launch a cryptocurrency trading desk or offer the digital coins as an investment to customers, because they are too volatile and lack transparency, its chief executive Noel Quinn said.
Europe s largest bank s stance on cryptocurrencies comes as the world s biggest and best-known digital currency, Bitcoin, has tumbled nearly 50 per cent from the year s high, after China cracked down on mining the currency and prominent advocate Elon Musk tempered his support.
HSBC s move marks it out against rivals such as Goldman Sachs, which Reuters in March said has restarted its cryptocurrency trading desk, and UBS which media reports said was exploring ways to offer the currencies as an investment product.
HSBC has no plans to launch a cryptocurrency trading desk or offer the digital coins as an investment to customers, because they are too volatile and lack transparency, CEO Noel Quinn said.
Exclusive-HSBC CEO says Bitcoin not for us
By Lawrence White and Rachel Armstrong
Reuters
LONDON (Reuters) -HSBC has no plans to launch a cryptocurrency trading desk or offer the digital coins as an investment to customers, because they are too volatile and lack transparency, its Chief Executive Noel Quinn told Reuters.
Europe s largest bank s stance on cryptocurrencies comes as the world s biggest and best-known, Bitcoin, has tumbled nearly 50% from the year s high, after China cracked down on mining the currency and prominent advocate Elon Musk tempered his support.
It marks it out against rivals such as Goldman Sachs, which Reuters in March reported had restarted its cryptocurrency trading desk, and UBS which other media said was exploring ways to offer the currencies as an investment product.
TechnologyEXCLUSIVE HSBC CEO says Bitcoin not for us
Rachel ArmstrongLawrence White
5 minute read
Representation of the virtual currency bitcoin is seen on a motherboard in this picture illustration taken April 24, 2020. REUTERS/Dado Ruvic/Illustration
HSBC (HSBA.L) has no plans to launch a cryptocurrency trading desk or offer the digital coins as an investment to customers, because they are too volatile and lack transparency, its Chief Executive Noel Quinn told Reuters.
Europe s largest bank s stance on cryptocurrencies comes as the world s biggest and best-known, Bitcoin, has tumbled nearly 50% from the year s high, after China cracked down on mining the currency and prominent advocate Elon Musk tempered his support. read more