Cryptocurrency Choices for HSBC Customers

With this integration, HSBC account holders can leverage digital currencies like Bitcoin, Ethereum, Binance Coin, Ripple, Dogecoin, Shiba Inu, and more. FCF Pay’s tweet highlighted, “We are thrilled to inform HSBC clients that they can now clear their mortgages and loans using cryptocurrencies via FCF Pay.”

Expansion of FCF Pay’s Services

Just weeks prior, FCF Pay rolled out its innovative crypto billing solutions. Customers now have the flexibility to manage their utility payments, including mortgages, vehicle bills, and subscriptions, using cryptos such as USDT, BTC, ETH, and Shiba Inu. This also extends to routine bills like electricity and water.

Cryptocurrency Gaining Ground as a Payment Medium

The surge in crypto adoption doesn’t stop here. Nomura, Japan’s premier investment bank, initiated a Bitcoin Adoption Fund targeting institutional players via its digital asset wing, Laser Digital Asset Management. Representing a vast financial portfolio exceeding $500 billion, Nomura is set to introduce a sequence of digital adoption investment offerings.

Adding to the momentum, Mitsubishi UFJ Trust and Banking Corporation – Japan’s top banking conglomerate – and Binance Japan are collaborating to roll out fiat-pegged stablecoins, marking another milestone in the crypto realm.

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However, the bank’s CEO Noel Quinn has said that they do not consider Bitcoin as a viable asset class citing the extreme volatility. He clearly said that their bank will not be promoting Bitcoins as an asset class in their “wealth management business”.

On the other hand, as HSBC backtracks on its plans, other popular mainstream financial institutions such as the Development Bank of Singapore and Investment management and analytics firm, JP Morgan, amongst others have been actively endorsing Bitcoins and have been developing crypto-centric projects.

In a statement to the global news agency Reuters, Quinn also said that he sees “Bitcoin as more of an asset class than a payments vehicle.” He further added that the nature of Bitcoins makes it extremely difficult to appropriate “how to value it on the balance sheet of clients because it is so volatile.”

While denying any plans to get into the crypto market, the HSBC chief did not shy away from endorsing the idea of endorsing CBDCs (Central Bank Digital Currencies.) Mr Quinn in his interview was all in for a centralised digital token pegged to a Fiat currency.

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The certainty around the introduction of the bill to ban private cryptocurrencies in India started to take shape in January 2021. However, the officials also mentioned that despite banning crypto, the bill could allow the promotion of its underlying technology. While banning private tokens, the bill would provide a framework for the Reserve Bank of India (RBI) to issue its own digital currency.  

A few weeks ago, several major Indian banks asked their clients to provide information about their crypto-related activities. In particular, this includes banks like Citi, HDFC, HSBC, and several others.

Bitcoin has gained over 14% in the past 7 days and lost over 4% in the last 24 hours, per CoinMarketCap.com data. It is trading at around $58,000 at the time of writing.

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If the customer fails to provide the requested information within 30 days, the bank will restrict transactions, the source says, quoting an email to customers from HDFC Bank. This action by the banks takes place amidst the Indian government deciding on a possible law that would ban all private cryptocurrencies, according to the source.

In another article, The Economic Times suggests that cryptocurrency holders started liquidating their assets amidst concerns about the possible ban. According to the source, quoting the CEO of an online banking platform for crypto, Cashaa, Kumar Gaurav, users moved over $2 billion from their addresses. However, besides the concern about the ban, now those who sold their crypto assets face paying income taxes, which, the source suggests, could be as high as 42%.

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