Hsbc cryptocurrency policy
In April , there were some changes implemented in the digital assets policy of HSBC Canada that included the suspension of sales transactions or exchange of products that are related to crypto. No Security And Stability? Apart from the high volatility of cryptocurrencies, the rise of cyber attacks in connection to the crypto space has also prompted many financial institutions to lose faith and confidence in Bitcoin and the like.
In that light, HSBC is not considering it as an asset class. JPMorgan Chase was the first of the big banks to establish an Onyx lounge in Decentraland, where users could purchase property using cryptocurrency, a month earlier. Quinn also highlighted the resulting issues with Bitcoin's volatility. He said that he views Bitcoin as "more of an asset class than a payments vehicle" and that this volatility and contradiction in its true nature makes it very difficult to value it on the balance sheet of clients.
As per Quinn, it is impossible for an agency to tell who owns the crypto, and hence everything depends on whether the holders can be "trusted in regard to market integrity. It will also not offer Bitcoin as an investment option to its clients. He mentioned that the bank's clients could be involved with Bitcoin if they want to, but HSBC will refrain altogether from promoting it as an asset class. Quinn further dismissed any speculation about HSBC offering stablecoins as an investment option.
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According to The Sunday Times, clients of the British bank will no longer be able to transfer any profits from cryptocurrency transactions into their bank accounts. This effectively cuts the links between cryptocurrency exchange platforms and HSBC's services.
Other UK banks have also made this choice but are not named in the article. The news shows the substantial barriers that still exist in the UK, in terms of access to cryptocurrency. The Bank of England has also repeatedly shown its hostility to cryptocurrencies. The rapidly growing list of companies indicates that they invest in bitcoin, but usually at a lower rate than Microstrategy.
The site bitcointreasuries. A Twitter user pointed out that HSBC Canada likely arbitrarily determines what percentage of bitcoin reserves customers can invest in. Referring to all companies with investments in bitcoin, he further expressed his opinion: All of these companies may be on the block because they own BTC. This is the opposite of a free market. Let us know your comments in the section below. Tags in this story hsbc crypto ban, hsbc, hsbc crypto ban, hsbc bitcoin, hsbc crypto, hsbc cryptocurrency, hsbc micro strategy, crypto india, indian government, micro strategy, new crypto policy Photo credit: Shutterstock, Pixabay, Wiki Commons Denial: This article is for information only.
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