HSBC Bank to shift $20 billion worth of assets to blockchain-based Digital Vault

[Yatsan]

Look closely, you will not find that they mention anything about the Bitcoin token. The asset they talk about is some centralized Blockchain based technology that they control. Banks will never use Bitcoin, because they want it to fail, they would rather take the best part of it (Blockchain) and create their own centralized technology and push a lot of money into that.

Bitcoin was never eyed by these institutions but rather the technology behind it that made it so popular. Most probably they will create their own blockchain provided with their own cryptocurrency on which they will have a full control. As a matter of fact these banks are really threatened with bitcoin that has already affected their operations and also taking advantage of the mass that is continuing the use of cryptocurrency. Banks are smart, so new people should too.

This way they can manipulate the price by changing the supply and also identifying the customers using the technology. (As required by the regulating authorities in the form of KYC/AML regulations.) 

This is the very reason why they did not use bitcoin or any other cryptocurrency but maybe they'll take partial of this knowing bitcoin is at short price range.  I'd rather be happy than to be sad knowing that they are going to issue KYC procedures, in fact it is an added security for us, on top of physical security on their establishments.

[Mometaskers]

Not really related to bitcoin so it really won't affect it. I believe HSBC is not the first bank to say they are trying blockchain. It's really an issue on physicality, most bank operations are already digital anyway, with bills barely moving.

But it's still a business so I suppose they've calculated they'd be able to reduce operation cost transitioning. That plus it's hip to slap "blockchain" on many things these days that they make it look like a fad. If this would reduce their use for money laundering (I doubt it) then good still.

It's a good move for blockchain adoption and maybe soon with cryptocurrencies too, as there are banks offering Bitcoin ATM too in our country. These might be the start of bitcoin and banks cooperation in creating a business crypto implemented.

Maybe, maybe not. Maybe more banks might be able to offer bitcoin services in their ATM if they themselves have their own blockchain. I already see cardless withdrawals from ATM and there's at least one bank where I am where we can send the bitcoin from the exchange to the bank and withdraw from their ATM despite not having an account with that bank. Maybe we'll get to the point where all banks have that service.

[EdvinZ]

I also believe that a similar statement could be made by HSBC deliberately to raise its share price. The announcement of the introduction of digital blockchain technologies is a good reason to hope that investors will buy shares of the company. But it also shows how serious banks are about blockchain technology. I think in the future the number of banks implementing advanced digital technologies will increase.

[Ayiranorea]

I also believe that a similar statement could be made by HSBC deliberately to raise its share price. The announcement of the introduction of digital blockchain technologies is a good reason to hope that investors will buy shares of the company. But it also shows how serious banks are about blockchain technology. I think in the future the number of banks implementing advanced digital technologies will increase.

Most of the banking firms have known good about the need of advanced technology and to keep them up to date with the market demands. Compared to other banking firms HSBC has been experiencing lag in growth. Such initiation taken forward will make more global investors prefer to invest on the shares which were found low at present.

[Hydrogen]

HSBC has been lagging behind, but that doesn't mean the whole banking industry isn't doing well.  

Awhile ago, a thread was posted in the economics section for a bloomberg article which claimed more than 50% of the world's banks could be too weak to survive a recession:

https://bitcointalk.org/index.php?topic=5195846.msg52871571#msg52871571

In addition to this, we know banks in major nations like china have experienced significant melt downs recently with many chinese banks being bailed out or nationalized in 2019.

If you disagree with the idea of banks not doing well atm, this is what you have to contend with. 

Weakness on the part of banks could represent a major motivation for many being desperate enough to announce alliances with competitioin in the form of blockchain or cryptocurrency technology. All of this appears to be a natural progression and the most likely scenario. Although a part of it is likely political in origin rather than simple necessity. If you disagree, I would be interested to hear why.

[Clement Kaliyar]

Most probably they will create their own blockchain provided with their own cryptocurrency on which they will have a full control. As a matter of fact these banks are really threatened with bitcoin that has already affected their operations and also taking advantage of the mass that is continuing the use of cryptocurrency. Banks are smart, so new people should too.

To implement blockchain for their banking system to monitor and safeguard everything they can use blockchain to have more transparency and they do not necessarily need to make a currency for those transaction and for a bank to come up with their version of digital currency is not easy as you need the government to implement these and a bank are just safe keepers.

[Karmakid]

This is a huge move by the HSBC bank and it is a proof for the haters and to the skeptical that blockchain technology is really a thing and it is not useless because if its useless then there will be no company especially financial institution to use this kind of technology. With this big fun by the HSBC, I hope this will serve as an encouragement to the people who doubt blockchain to utilize it now.

[audaciousbeing]

Look closely, you will not find that they mention anything about the Bitcoin token. The asset they talk about is some centralized Blockchain based

technology that they control. Banks will never use Bitcoin, because they want it to fail, they would rather take the best part of it (Blockchain) and

create their own centralized technology and push a lot of money into that. This way they can manipulate the price by changing the supply and also

identifying the customers using the technology. (As required by the regulating authorities in the form of KYC/AML regulations.) 

You might not be far from the truth and it would even sound more absurd if the bank has announced that they will be using bitcoin because they can't. Not because they don't want to, but because the laws and regulations which they must comply with does not allow them to do so. Except there is a position from the government at which the bank is located, I don't see any difference in the status quo. The take away from this is what the community needs to take which is the potency of the blockchain technology which by inference bitcoin is a testament that the technology works. So, by the continued harness of blockchain, there is a subtle support for bitcoin and other crypto that runs on it.