Noel Quinn, CEO of HSBC, stated that the bank has no interest in investing in bitcoins and other criptomoedas in general, and not even offering that possibility to its customers.

"I see bitcoin more as an asset class than as a payment vehicle, with very difficult questions about how to value it on customers' balance sheets because it is so volatile," said the bank's CEO, in an interview with Reuters.


HSBC's position goes against the institution's main competitors, such as Goldman Sachs, which reported having already started negotiations with cryptocurrencies; and UBS Group, which is rumored to be exploring ways to offer digital currencies as a product of investment.

For Quinn, one of the main reasons for not having this interest is the high volatility of moedas digitais.

One of the great examples of this instability is the bitcoin, which fell almost 50% in relation to its biggest increase registered in 2021. In this Monday (24), the digital asset was traded at US $ 37 thousand (about R $ 196 thousand), but 40 days ago the value hit the mark of US $ 64 thousand (more than R $ 340 thousand).

Illustration of various cryptocurrencies
HSBC CEO reports disinterest in bitcoin and other cryptocurrencies. Credits: Shutterstock

Read too!

Quinn also reported that the European bank, for the time being, will also avoid “stablecoins” (stable currencies), such as the tether. The tether, unlike bitcoin, tries to avoid volatility by linking its value to assets such as the US dollar, that is, it has the quotation paired with the value of the dollar.

"Next comes the stablecoins, who have reservations to address issues of stored value, but it depends on who the organization is, as well as the structure and accessibility of the reservation," concluded Quinn.


Noel Quinn pointed out that he believes in the strength of central bank digital currencies (CBDCs). “CBDCs can facilitate international transactions in electronic wallets more simply. They eliminate friction costs and tend to operate transparently and have strong stored value attributes, ”he said.

The bank is trying to reach agreements with several governments on the central bank's digital currencies initiative, including China, Canada, the United Arab Emirates and Britain.

Among the countries talking to the European bank, China is considered the one with the greatest advancement in technology, already carrying out tests with state-owned banks. The Chinese economy has also started investing for international use of CBDC, a project that HSBC is involved in.

Have you watched our new videos on YouTube? Subscribe to our channel!