Banking Giant HSBC Slams Cryptocurrencies, But Applauds CBDCs | CryptoSoul

Banking Giant HSBC Slams Cryptocurrencies, But Applauds CBDCs For This Reason

HSBC, a British multinational investment bank and a financial services firm, has scrutinized cryptocurrencies and stablecoins, claiming the lack of regulations in the space pose threats to investors. On the contrary, the bank adored CBDCs as a form of digital money that can spur economic growth.

In a recent report, titled “New forms of digital money could spur growth,” HSBC acknowledged Central Bank Digital Currencies as a banking innovation. The report noted that CBDCs are transparent and stable, therefore do not pose any threat to customers.