HSBC Group: cryptocurrencies exist mainly because they are anonymous, blockchain’s useful

HSBC Group chief executive officer who will take up his post tomorrow (21 February 2018), John Flint, does not think that cryptocurrencies would be that successful if they had not their anonymity attractive for investors, business media outlets report.

Like many bankers before him, John Flint endorses the idea of blockchain without cryptocurrency: he tells that this technology is capable of upgrading the banking industry in many ways.

Last year, HSBC, BNP Paribas and ING banking organizations were seen engaging with R3, a vast blockchain alliance and Finastra, a fintech company. This might indicate that John Flint has not just theoreticized about blockchain, but has already seen some actual examples of how it upgrades the framework of the corporation he is about to begin to govern.

Bitnewstoday has had a little expert interview with various business representatives on whether the blockchain is a death for banks or it is actually a giant advantageous upgrade of their structure. In other recent news on the theme, the central banks of UAE and Saudi Arabia aim not only to use blockchain, they might test a special cross-border cryptocurrency for mutual trade in the future.