Various banks have expressed interest towards the cryptocurrency market in recent months but have stayed away from this space due to a host of different reasons.
HSBC Cools Off on Bitcoin
For banks, getting involved in cryptocurrency is a major undertaking and an even bigger risk. Various institutions have mulled launching their own Bitcoin trading desk at some point, however, such a decision should not be taken too hastily, as there are a lot of concerns and requirements that need to take into account first.
HSBC has been one of the bigger banks to explore options in the cryptocurrency world. It now seems the bank will not pursue any of these options in the near future. Instead, the company has confirmed it will hold off on cryptocurrency trading for the time being.
More on the Decision
HSBC’s Josh Bottomley recently made some intriguing remarks regarding cryptocurrency. While the bank isn’t interested in Bitcoin right now, there is a chance that the situation might change in the future. Some brainstorming sessions are still taking place to integrate cryptocurrency into the bank’s products and services. However, due to a lack of proper regulation in place, no real developments should be expected immediately.
Final Thoughts
Most people involved in cryptocurrency know Bitcoin doesn’t need banks to succeed. In fact, the decision made by various financial institutions to block cryptocurrency purchases has only spurred more interest in Bitcoin and altcoins. It is only normal they are now trying their hand at offering exposure to such currencies through their own systems.
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