In this article, Bank of America CEO Brian Moynihan stated that the U.S. banking industry would be open to using cryptocurrencies for payments if permitted by regulators. The CEO of the second-largest U.S. bank discussed the potential shift in the industry’s stance on crypto in light of President Donald Trump’s interest in digital currencies during an interview with CNBC’s Andrew Ross Sorkin at the World Economic Forum in Davos, Switzerland.
Moynihan expressed that if regulations were established to legitimize cryptocurrency transactions, banks would actively engage in the transactional aspect of this emerging technology. While American banks have been cautious about allowing retail customers to use crypto for transactions, they have been involved in markets for bitcoin ETFs through their institutional trading and wealth management divisions. Industry leaders like JPMorgan Chase CEO Jamie Dimon have criticized bitcoin, labeling it as a tool for criminal activities and fraud.
Moynihan highlighted that using cryptocurrencies for payments could be viewed as just another payment method alongside traditional options like Visa, Mastercard, debit cards, and Apple Pay. He mentioned that Bank of America has numerous blockchain patents and is well-positioned to explore this field further.
The experienced Bank of America CEO did not delve into the aspect of cryptocurrencies such as bitcoin as an investment or store of value, stating that it is a distinct issue from their potential use in transactions.
