CEO of Bank of America slams cryptocurrency
The Bank of America CEO Brian T. Moynihan responded “no” when asked whether the bank was losing out on cryptocurrencies.
Moynihan said in a conversation with Yahoo! Finance that Bank of America was not in a hurry to become involved with cryptocurrencies. “We have everything we need. Moynihan boasted, “We’re pushing payments over the ceiling.
A valid use case for cryptocurrencies is cross-border payments, but Moynihan added that tight regulation prevented it from interacting with this new asset class.
Customers’ digital assets cannot be managed by Bank of America since it can only do research on the trading side. According to a report, the bank established a specialised crypto research team in July of this year.
If you want to do anything without asking, don’t do it. They’ve told me that before I do it.” When asked about regulatory monitoring, Moynihan said, “It was just the tone.”
“As a result of this, our platform is really a payments company. It was worth billions of dollars a day at that time. Almost all of it is digital as well, which makes it much more interesting.”
53 percent of Bank of America’s clients’ sales are made via digital channels, according to the bank’s most recent earnings call. According to Moynihan, the bank has 54 million digital customers.
As the banker pointed out, Bank of America has hundreds of patents on distributed ledger technology. However, in 2021, the number of blockchain-related patents rose by an incredible 86 percent.
According to the company, Bank of America has the most blockchain patents in the world. However, Bank of America isn’t sure about the technology. An executive management board member of an international bank claimed in 2019 that she was pessimistic about the blockchain.