Bank of America CEO Brian Moynihan stated Tuesday that the U.S. banking business will embrace cryptocurrencies for funds if regulators permit it.
The top of the second-largest U.S. financial institution by property was requested by CNBC’s Andrew Ross Sorkin about how the business’s method to crypto may change given President Donald Trump‘s enthusiasm for digital currencies.
“If the foundations are available and make it an actual factor which you can really do enterprise with, you may discover that the banking system will are available laborious on the transactional facet of it,” Moynihan stated in an interview on the World Economic Forum in Davos, Switzerland.
American banks have largely prevented letting clients use crypto for retail transactions, though their institutional buying and selling and wealth administration arms have participated in markets for bitcoin ETFs. Leaders within the business, together with JPMorgan Chase CEO Jamie Dimon, have lambasted bitcoin as a forex for criminals and fraudsters.
“If you happen to go down the road right here and also you go in and purchase lunch, proper, in the event you will pay with Visa, Mastercard, a debit card, Apple Pay, and many others., this might simply be one other type of fee,” Moynihan stated. “We now have tons of of patents on blockchain already, we all know how you can enter the sphere.”
The veteran Financial institution of America CEO did not handle the thought of cryptocurrencies like bitcoin as an funding or retailer of worth, saying it’s “actually a separate query.”
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