British large bank HSBC plans to ban the purchase of stocks from large-scale Bitcoin holding companies

It is known that the UK’s megabank HSBC has proposed a new policy to prevent the purchase of stocks of large-scale cryptocurrencies such as Bitcoin (BTC). Coinpost reported this on the 9th.

A number of customer reports have been posted on social media, including the posting of @DocumentingBTC, a tweet account that records bitcoin-related records. According to the information, a large-scale holding of bitcoin, such as MicroStrategy, as a financial asset, has communicated to customers a policy to prohibit new purchases of stocks whose performance affects the stock price. It is said that the response has been initiated from March 29th.

“Through this message, HSBC informs you that it has changed the policy for products related to the purchase of cryptocurrencies such as Bitcoin and Ethereum and their performance. HSBC does not plan to promote the sale of all products related to cryptocurrency price performance, etc.

In (your) HSBC’s transaction history, there is a history of purchasing MicroStrategy shares through an account called’HSBC Invest Direst’. MicroStrategy shares are related to cryptocurrency, so new purchases are not allowed in the future due to policy changes.”

MicroStrategy is a U.S. listed company that purchases bitcoin by changing its financial asset management policy in August last year. It owns a total of 91,579 BTC through several purchases so far, and has been attracting attention as a trading product close to Bitcoin ETF as a securities that can indirectly invest in Bitcoin in terms of the proportion of Bitcoin in financial assets.

As for HSBC, reports of “I was warned about the purchase of cryptocurrency from the bank” and “the account became unavailable after purchasing the cryptocurrency” have been frequently reported through the SNS of users who use the bank. It is the first time that there has been an investment technique exposed to the cryptocurrency market, but it turns out that they still have a strict view of the cryptocurrency market.

Meanwhile, HSBC is also a company that is actively working on blockchain technology. So far, he has participated in the blockchain digital corporate bond test and the central bank CBDC test, and has presented several successful examples of empirical experiments.

(Igiris no Megabank HSBC, bitcoin (BTC))

[Coincode (coincode.kr), if you share, please leave the source. ]

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Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.