We Have Hundreds of Blockchain Patents – But Regulations Won’t Let Us Participate in Crypto – Bitcoin News Regulatory

The CEO of Bank of America says that his bank has hundreds of blockchain patents but that regulations will not allow him to participate in cryptocurrency. “The truth is we can’t do that through regulation,” he said.

CEO of Bank of America on Cryptocurrency

Bank of America (BOA) CEO Brian Moynihan spoke about cryptocurrency in an interview with Yahoo Finance Live at the recent World Economic Forum event in Davos, which was published on Saturday.

He was asked about his bank’s plans for cryptocurrency. “The reality is that we run a payments business across our platform. It’s trillions of dollars a day, and almost all of it is digital,” replied the CEO, adding:

If you think about blockchain, we have hundreds of patents on blockchain as a process, as a tool, and as a technology.

However, regarding cryptocurrencies, he revealed, “We don’t share people’s accounts in cryptocurrencies…we are not allowed to, frankly.”

The Bank of America president explained: “Because we are organized and they are [regulators] I said you can’t. They said, ‘You have to ask us before you do that, and by the way, don’t ask’—that was basically the tone.” He emphasized:

The truth is that we can’t do that by regulating. We are not really allowed to participate.

However, Moynihan explained: “On the commercial side, we can do it. Our research team writes about it.”

The Bank of America research team actively publishes reports on cryptocurrencies. The bank formally established a cryptocurrency research team In July last year. In October, the research team published a lengthy report stating that digital assets “Too big to ignore. ‘ The bank also sees huge Chance in Metaverse for the entire coding ecosystem.

See also  The office is 'obsolete' and 'from the pre-digital era'

The CEO of Bank of America was also asked if he feels like he’s missing out on the next big thing. Moynihan replied simply: “No.”

Tags in this story

American bankAnd the Bank of America BitcoinAnd the Bank of America CryptoAnd the Bank of America CryptocurrencyAnd the Blockchain patentsAnd the snakeAnd the Brian MoynihanAnd the Brian Moynihan BlockchainAnd the Cryptography by Brian MoynihanAnd the Cryptocurrency Brian MoynihanAnd the Davos

What do you think of the comments of Brian Moynihan, CEO of Bank of America? Let us know in the comments section below.

Kevin Helms

Kevin, an Austrian economics student, found bitcoin in 2011 and has been a missionary ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

photo credits: Shutterstock, Pixabay, Wiki Commons

disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services or companies. Bitcoin.com It does not provide investment, tax, legal or accounting advice. Neither the Company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Leave a Reply

Your email address will not be published.