HSBC CEO supports Central Banks' token launch plans

by in Cryptocurrency News

Noel Quinn

Noel Quinn, who is the CEO of the $ 3 trillion financial group, HSBC, is still skeptical about the prospects for Bitcoin and other cryptocurrencies. In doing so, he supports the plans of central banks to create national tokens (CBDC).

The financier published an article on the website of his bank, in which he called the virtual coins of the Central Bank a new form of money. According to Quinn, any digital version of fiat currency will be a safe and transparent instrument.

The head of the bank acknowledged that China had advanced the farthest in creating CBDCs. This country was the first to realize the benefits of creating a token that will act as an alternative to coins such as bitcoin.

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The HSBC CEO also touched upon the topic of crypto regulation in the article. According to him, states need to establish control over all types of digital assets to protect citizens and minimize the risks of destabilizing the financial sector.

Quinn said his bank is actively partnering with regulators in Hong Kong, China, the United Arab Emirates, Thailand, France, Canada, and Singapore. The financial giant is helping these countries build a CBDC and regulatory framework for the blockchain industry.