The CEO of Bank of America said his bank has hundreds of blockchain patents but regulations do not allow it to do business with cryptocurrencies. “The reality is we can’t do that with regulation,” he said.
Bank of America Crypto CEO
Bank of America (BOA) CEO Brian Moynihan spoke about cryptocurrencies in a live interview with Yahoo Finance at the recent World Economic Forum event in Davos, published Saturday.
He was asked about his bank’s cryptocurrency plans. “The reality is that we operate payments on our platform. There are trillions of dollars every day, and almost all of it is digital,” the executive responded, adding:
If you think about blockchain, we have hundreds of patents on blockchain as a process, tool and technology.
Regarding cryptocurrencies, however, he revealed: “We don’t have accounts of people who are involved in cryptocurrencies … and frankly, we don’t allow that.”
“Because we are regulated, they [regulators] Said you can’t. They said, ‘You have to ask us before you do it, by the way, don’t ask’ – which is basically the tone. ” He emphasized:
The reality is that we cannot do this through regulation. We really weren’t allowed to participate.
However, Moynihan clarified: “In terms of transactions, we can do it. Our research team wrote about it.”
The research team at Bank of America has been actively publishing reports on cryptocurrencies.Bank officially established Cryptocurrency research team last July. In October, the research team released a lengthy report stating that digital assets are “too big to ignore. ” Banks are also seeing huge Chance in the Metaverse For the entire crypto ecosystem.
The Bank of America CEO was also asked if he felt like he was missing the next big thing. “No,” Moynihan replied simply.
What do you think of Bank of America CEO Brian Moynihan’s comments? Let us know in the comments section below.
Image Source: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for reference only. It is not a direct offer or an invitation to buy or sell, nor is it a recommendation or endorsement of any product, service or company. Bitcoin Network Does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned herein.