Bank of America CEO: We are in no hurry when it comes to cryptocurrency
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Answer Bank of America CEO: We are in no hurry when it comes to cryptocurrency
in an interview Speaking with Yahoo Economics, Bank of America CEO Brian T. Moynihan stressed that the banking giant was in no hurry to enter the cryptocurrency arena, as his statement came as follows:
We don’t miss anything.
We handle financial transactions perfectly.
Recognizing cross-border payments as a legitimate use case for cryptocurrency, Moynihan told me that strict regulation prevents his institution from dealing with the emerging asset class.
He added that Bank of America’s work is limited to researching cryptocurrencies from the trading side, but can go no further than managing customer accounts using digital assets.Read:Bitcoin (BTC) Rise 8% and Positive Close Above the 200-Day Average…Where’s Next?
It is worth noting that Bank of America previously established a research team specializing in crypto and blockchain technologies last July.
Moynihan commented on regulatory scrutiny by saying:
They said you have to ask us before you do that, and by the way don’t ask, it was basically the tone.
Moynihan emphasized the fact that his bank had already made progress in digitization, and went on to say:
The truth is that we run a payments business via our platform.
Worth trillions of dollars a day.
Almost all are digital.
According to Bank of America’s latest earnings report, the bank’s digital channels account for 53% of customer sales.
Moynihan estimates the bank has 54 million users.
Banker Moynihan also realizes that Bank of America has hundreds of patents on the blockchain.
In fact, the bank recorded an 86% increase in patents related to blockchain technology in 2021.
Despite the accumulation of more blockchain patents than any other financial company in the world, the bank has not taken advantage of most of them.Read:The total market value of Cardano “ADA” coin rises to $ 27 billion in two weeks
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