Crypto Banking in the US: Moynihan Discusses Industry’s Future at Davos
Given President Donald Trump’s fervor for digital currencies, CNBC‘s Andrew Ross Sorkin questioned the president of the second-largest U.S. bank by assets on how the industry’s approach to crypto could change. Brian Moynihan, CEO of Bank of America, stated on Tuesday that if regulators permit it, the U.S. banking sector will accept cryptocurrency as a form of payment.
If the rules come in and make it a real thing that you can actually do business with, you’ll find that the banking system will come in hard on the transactional side of it,
Moynihan, an interview at the World Economic Forum in Davos
U.S. Banks Hesitant on Crypto Payments Despite Bitcoin ETF Activity
Although their institutional trading and wealth management divisions have taken part in markets for bitcoin ETFs, American banks have generally refrained from allowing their clients to utilize cryptocurrency for retail transactions. Prominent figures in the field, such as Jamie Dimon, CEO of JPMorgan Chase, have denounced Bitcoin as the currency used by scammers and criminals. The seasoned CEO of Bank of America said that the concept of cryptocurrencies like Bitcoin as a store of wealth or an investment is truly a different matter.
If you go down the street here and you go in and buy lunch, right, if you can pay with Visa, Mastercard, a debit card, Apple Pay, etc, this would just be another form of payment. We have hundreds of patents on blockchain already, we know how to enter the field.
Moynihan
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