Bank of America CEO says his bank holds hundreds of patents on blockchain, but that regulations won’t allow him to use crypto. “The reality is that we can’t do it by regulation,” he said.
Bank of America’s CEO on Crypto
Brian Moynihan, CEO of Bank of America (BOA), spoke about cryptocurrency during a Yahoo Finance Live interview that was published on Saturday at the Davos World Economic Forum.
He was asked about his bank’s plans for cryptocurrencies. “The reality is that we run a payments business across our platform. It’s trillions of dollars a day, and almost all of it is digital,” the executive replied, adding:
When you consider the blockchain, there are hundreds of patents that cover it as both a method and a technology.
However, with regard to cryptocurrency, he revealed: “We’re not engaging in accounts for people in cryptocurrency … we’re not allowed to, frankly.”
The Bank of America chief explained: “Because we’re regulated and they [regulators] have said you can’t. They’ve said, ‘you have to ask us before you do it and, by the way, don’t ask’ — was basically the tone.” He emphasized:
The reality is that we can’t do it by regulation. We’re not really allowed to engage.
However, Moynihan clarified: “On the trading side, we could do it. Our research team writes on it.”
Bank of America’s research team has been actively publishing reports on cryptocurrencies. In July 2017, the bank officially established a cryptocurrency research group. In October, the research team debuted a lengthy report stating that digital assets are “too large to ignore.” The bank also sees a massive opportunity in the metaverse for the entire crypto ecosystem.
Moynihan was also asked by Bank of America CEO if he feel like he’s missing the big moment. “No,” Moynihan simply replied.
Let us know what you think of Brian Moynihan’s comments about Bank of America CEO. Leave your comments below.
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