Barclays CEO Jes Stately said that the bank has no immediate plans to set up a dedicated desk for trading cryptocurrencies.
Last month, Bloomberg reported that Barclays is gauging institutional demand for cryptocurrency to determine if a crypto-specific trading desk is feasible. At the time, a spokesperson said the bank was conducting preliminary assessment and research, but doesn’t have any concrete plans to begin trading cryptocurrencies.
On May 1, during Barclays annual shareholder meeting, Stately ruled out the possibility of the bank launching a crypto trading desk, saying that he remained sceptical of the technology because of compliance and regulatory issues.
“Cryptocurrency is a real challenge for us because, on the one hand, there is the innovative side of it and wanting to stay in the forefront of technology’s improvement in finance,” said Stately. “On the other side of it, there is the possibility of cryptocurrencies being used for activities that the bank wants to have no part of.”
Last month, Barclays compared bitcoin’s price surge in late 2017 to an “infection,” going on to say that it’s low, seemingly stagnate, value is a result of that infection being treated and will serve as the new norm.
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