CDS Crypto News Crypto Banking in the US: Bank of America CEO Outlines Regulatory Prerequisites
Crypto News

Crypto Banking in the US: Bank of America CEO Outlines Regulatory Prerequisites

74
Crypto Banking In The Us Bank Of America Ceo Outlines Regulatory Prerequisites

Crypto Banking in the US: Moynihan Discusses Industry’s Future at Davos

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

For more up-to-date crypto news, you can follow Crypto Data Space.

Crypto Banking In The Us: Bank Of America Ceo Outlines Regulatory Prerequisites 303309
Written by
lectertodd

Lectertodd is 28 years old. She graduated from Çankaya University, Department of Psychology, in 2021. She actively works as a writer, translator, and editor for various websites. Moreover, she loves reading, researching, and learning new things.

Leave a comment

Leave a Reply

Related Articles

OpenSea Clears SEC Investigation, Boosts NFT Market

OpenSea Investigation Closed: A Win for the NFT Space OpenSea– The United...

Lazarus Hack Steals Over $1.5 Billion from Bybit

Lazarus group hacks Bybit, stealing over $1.5 billion in Ethereum, sparking major...

MicroStrategy Shares Drop Slightly: Is Bitcoin to Blame?

For more comprehensive information about MicroStrategy shares drop slightly, please visit CDS.

Nifty 50- Exploring the Causes Behind India’s Stock Market Downturn

Discover the top 5 reasons behind the recent stock market crash and...