Bank of America CEO says his bank has hundreds of blockchain patents but regulations will not allow it to engage in crypto.” The reality is that regulation does not allow you to do that.” He said.
Bank of America CEO talks about crypto
Bank of America (BOA) CEO Brian Moynihan spoke about cryptocurrencies in an interview with Yahoo Finance Live at a recent World Economic Forum event in Davos, published Saturday.
He was asked about his bank’s plans for cryptocurrencies.”
“The reality is that we are in the payments business across our platform, trillions of dollars a day are moving, and almost all of it is digital,” the executive replied, adding.
Thinking about blockchain, we have hundreds of patents on blockchain as a process, as a tool, as a technology.
However, when it comes to cryptocurrency, we are clear about this.” We are not involved on account for cryptocurrency people … We are, frankly, not authorized to do so.”
The Bank of America chief explained, ” We are regulated, because they [regulators] said you can’t do it. They said, ‘You need to ask us before you do it, and by the way, don’t ask’ – that was basically the tone.” I emphasized.
The reality is that we can’t do it through regulation. We are really not allowed to get involved.
But Moynihan made it clear that, “We are not allowed to do that.” On the trading side we can do it. Our research team is writing it.”
Bank of America’s research team has been actively publishing reports on cryptocurrencies. The bank formally established its cryptocurrency research team last July, and in October, the research team released a lengthy report stating that digital assets are “too big to ignore.” The bank also sees significant opportunities in the metaverse for the entire crypto ecosystem.
Bank of America’s CEO was also asked if he felt like he was missing out on the next big thing.” No,” Moynihan replied simply.
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