bank of america CEO Brian Moynihan said Tuesday that the U.S. banking industry will adopt cryptocurrencies for payments if regulators allow it.
The head of America’s second-largest bank by assets talks to CNBC’s Andrew Ross Sorkin about how the industry’s approach to cryptocurrencies could change given President Donald Trump’s enthusiasm for digital currencies. asked Mr.
“Once the rules are in place and you can actually trade, you’re going to find that the banking system is going to have a difficult time trading,” Moynihan said in an interview at the World Economic Forum. At Davos, Switzerland.
U.S. banks have largely avoided allowing their customers to use cryptocurrencies for personal transactions, even as their institutional trading and asset management departments have joined the Bitcoin ETF market. Including industry leaders JP Morgan Chase CEO Jamie Dimon accused Bitcoin of being the currency of criminals and scammers.
“If you walk down this street and go buy lunch, yeah, if you can pay for it.” visa, master carddebit card, apple “Payments, this is just another form of payment. We already have hundreds of patents on blockchain and we know how to get into this space,” Moynihan explained.
Bank of America’s veteran CEO didn’t address the idea of cryptocurrencies like Bitcoin as an investment or store of value, saying, “It’s actually a different issue.”
