Bank of America CEO Signals Shift Toward Crypto Payments, If Regulations Allow
In the latest development, Bank of America CEO Brian Moynihan explain On Tuesday, U.S. banks will adopt cryptocurrencies for payments if regulators allow it.
Notably, the head of the nation’s second-largest bank by assets was asked how the industry’s attitude toward cryptocurrencies will change given President Donald Trump’s enthusiasm for digital currencies.
“If the rules are put in place and make it something that you can actually do business with, you will find that the banking system will have a role to play in terms of transactions,” Moynihan said in an interview at the World Economic Forum in Davos, Switzerland.
Notably, Bank of America essentially does not allow customers to conduct retail transactions using cryptocurrencies, although they participate in a Bitcoin ETF through its institutional arm. JPMorgan CEO Jamie Dimon has criticized Bitcoin as the currency of criminals.
The CEO of Bank of America stressed that cryptocurrencies could become an alternative to traditional payment methods such as Visa or Apple Pay, pointing to the bank’s expertise in blockchain technology. However, he did not comment on the use of cryptocurrencies such as Bitcoin as an investment or store of value.
The announcement signals a possible shift in mainstream financial institutions’ stance on digital assets, underscoring growing interest in integrating cryptocurrencies into traditional payment systems.
