We know HSBC Holdings to be one of the biggest banks in the UK, having its base in London. Not only in the UK, but HSBC is also regarded as the biggest bank in Europe, and recently it has been making news for its announcement on Bitcoin and digital currency-based products for its clients. The company has hinted about doing something in the digital currency called Bitcoin for their customers. With the sudden rise earlier in Bitcoin, the bank was planning to come up with something interesting for the consumers of the bank. However, now the sudden downfall of the currency seemed to have added a new picture. We see many of the companies being active on this front, but of late, they have suspended their decisions, and one of these includes the London-based bank – HSBS as well. The news was confirmed by the news agency called Reuters that remains the oldest news in the media.
When asked about the product’s decision, the company CEO Mr. N Quinn was seen saying that there will no need at the moment to promote the digital asset for the customers or for the wealth management clients within the bank. When asked as to what is stopping them from keeping things on hold to which he replied that the volatility found in Bitcoin and other digital currencies had kept them from keeping things on hold. However, they have not completely refuted the idea of entering into bitcoin or digital currency considering the fact that they very well know that they would return in this sector for their clients. He said they are not promoting the digital currency as an asset with the wealth management domain. The time they will decide would be later somewhere in the coming months but now. Why not try Click Money App to know more about it.
They are only promoting it like a wealth management product and nothing else. Many felt that they have announced that Bitcoin is not for everyone but for people who are interested in this domain and very well understand its strength and weaknesses in the market. They also claimed that sooner or later, they would come up with a precise policy about the same like they can see many financial institutions like JPMorgan, DBS (Singapore), and Goldman Sachs that was seen rolling out with the help of their own digital coin offerings for their clients that are linked in the digital coin sector like any native products. Also, the Singapore-based company DBS has remained an important place for the crypto exchange earlier this year, while one can find Goldman is coming up with the idea of checking the crypto-centric ETF.
However, if you look at how the HSBC is seen sitting it over, they claimed that they had seen the up and downside of bitcoin and many of the people are seen s=coming with the asset class like the payment and vehicles that remain very much difficult question regarding the real value of the balance sheet with the help of clients and due to the volatile in nature claimed the CEO as per the reports of the news agency. On the other hand, we see HCBC not planning in the recent future for the Bitcoin area, and these are very much linked with something unpredictable for the digital currency. As per CryptoSslate, the bank has even asked their clients to avoid trading in Bitcoin-based stocks that are based in the US. We can see the company Microstragey is planning to come up with some new ideas.
All thanks to their huge investment in Bitcoin earlier that went to score around 1.5 B Worth of Bitcoin, their position to be in a problem as they have planned to come up in 2020, and their price seemed to have grown a huge way. At the same time, the CEO feels that since people have some attachment with bitcoin and digital currency, they are likely to plan to come up with the state-backed fiat currencies and not the digital ones. Once they will get the digital currency-based agency allowing them to carry out several money transactions taking place at the global level using the e-wallets. Let’s see how things would move, but at the moment, they are rosy.