"Given the volatility we are not into Bitcoin as an asset class, if our clients want to be there then of course they are,but we are not promoting it as an asset class within our wealth management business," CEO Quinn said. Bitcoin traded at $36,387 on Monday, down nearly50% in just 40 days from its year high of $64,895 on April 14. Pressure on the currency intensified after the billionaire Tesla Chief Executive and cryptocurrency backer Musk reversed his stance on Tesla accepting Bitcoin as payment. China is also involved in a separate project exploring CBDCs for cross-border payments, which HSBC has been involved in. While Beijing presses ahead with central bank digital currencies, it has stepped up efforts to curb usage ofcryptocurrencies.

Source: The Hindu May 25, 2021 06:03 UTC