According to HSBC CEO Noel Quinn, his bank is not yet ready to work with cryptocurrencies. Shortly, the financial giant does not plan to launch a service for operations with digital assets or open a specialized division.
Bitcoin and other cryptocurrencies are extremely volatile instruments, the banker said. In addition, virtual coins are often used in various criminal schemes.
HSBC CEO also stressed: "Given the volatility, we do not consider Bitcoin as an asset class. If our clients want to be in the cryptosphere, then they are there, but we are not promoting it in our business."
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The infrastructure for cryptocurrency transactions in the world is still very underdeveloped. There are problems with converting bitcoin to fiat money and vice versa. In this situation, investors are better off staying away from cryptocurrencies, the banker said.
Quinn's interview with Reuters took place amid aggressive sales on the crypto market. Bitcoin lost about 50% of its maximum values in just a month.
The aggravation of volatility, analysts say, was the result of the strengthening of the repressive policy in China concerning the participants of the blockchain industry.