The CEO of Bank of America Dismisses Cryptocurrency
"There's nothing we're missing out on. We're causing payments to skyrocket," Moynihan remarked.
While acknowledging cross-border payments as an actual use case for cryptocurrencies, Moynihan stated that the emerging asset class is hindered by strict regulation. Bank of America is confined to researching cryptocurrencies on the trading side, but it cannot manage customers' accounts with digital assets; in July, the bank established a specialized crypto research team.
They've said:
"You have to ask us before you do it, and by the way, don't ask.' It was the tone," Moynihan commented on regulatory scrutiny.
According to the most recent earnings conference from Bank of America, digital channels account for 53 percent of client purchases. According to Moynihan, the bank has 54 million digital users. According to the banker, Bank of America has "hundreds" of patents on the blockchain. The number of blockchain-related patents increased by 86% in 2021. The technology doesn't entirely convince the bank of America despite owning more blockchain patents than any other financial institution globally. Cathy Bessant, a member of the bank's executive management board, stated in 2019 that she was skeptical about blockchain technology.
