The CEO of Bank of America says that his bank has many blockchain patents however laws won’t permit it to have interaction in crypto. “The reality is that we tend to not have a go at it by regulation,” he said.
Bank of America’s CEO on Crypto
Bank of America (BOA) corporate executive Brian Moynihan talked regarding cryptocurrency in AN interview with Yahoo Finance Live at the recent World Economic Forum event in Davos, revealed weekday.
He was asked regarding his bank’s plans for cryptocurrencies. “The reality is that we tend to run a payments business across our platform. It’s trillions of bucks on a daily basis, and the majority of it’s digital,” the chief replied, adding:
If you’re thinking that regarding the blockchain, we’ve many patents on blockchain as a method and as a tool and as a technology.
However, with reference to cryptocurrency, he revealed: “We’re not participating in accounts for individuals in cryptocurrency … we’re not allowed to, frankly.”
The Bank of America chief explained: “Because we’re regulated and that they [regulators] have aforementioned you can’t. The aforementioned, ‘you need to raise us before you are doing it and, by the way, don’t ask’ — was primarily the tone.” He emphasized:
The reality is that we tend to not have a go at it by regulation. We’re not very allowed to have interaction.
However, Moynihan clarified: “On the mercantilism aspect, we tend to have a go at it. Our analysis team writes thereon.”
Bank of America’s analysis team has been actively doing business reports on cryptocurrencies. The bank formally established a cryptocurrency analysis team in July last year. In October, the analysis team debuted a long report stating that digital assets are “too massive to ignore.” The bank conjointly sees a huge chance within the metaverse for the complete crypto scheme.
The Bank of America corporate executive was conjointly asked if he appears like he’s missing out on successive massive factors. “No,” Moynihan merely replied.