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.
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.”
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