HSBC Is Now Considering Looking Into Crypto Investments

Josh Bottomley, The Global Head of Digital at HSBC, has stated the bank is ‘cautiously looking into this area’ to determine its applicability and use.

Whilst Bottomley was interviewed with Forbes, he said, “there’s a use case when you have a token or currency that’s actually useful for a particular purpose, and it serves that need. But that is very different to if it’s pure speculation.” There is speculation in the market as to why people buy bitcoin or crypto in general, so it’s suggested that HSBC won’t fully Invest.

This is because HSBC doesn’t believe that cryptocurrencies at present are an investment asset, so do not offer any services related to buying crypto. The bank currently doesn’t trade any cryptocurrency or deal with any payment related to it but has implied that a change in its classification could occur. 

Despite HSBC’s stance on Bitcoin investing, they have been very active with testing blockchain applications within their systems. The bank is currently a founding member of the European blockchain trading platform which leverages the Hyperledger Fabric created by IBM. Perhaps we could expect HSBC’s opinion to change with more adoption and once the volatility settles.

Back in August 2017 HSBC was invited to join a project, Utility Settlement Coin, with the goal of utilising blockchain technology for the issuance of central bank currencies. Could we be looking at a project to help set the foundations for central bank Cryptocurrencies? Keep up to date with BC Bitcoin for more news on Cryptocurrency.

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