The CEO of Bank of America Dismisses Cryptocurrency.
Bank of America CEO Brian T. Moynihan recently told Yahoo! Finance that the banking giant was not in a rush to enter the cryptocurrency market.
He said:
“We are not missing on anything. We are driving payments through the roof,”
While acknowledging cross-border payments as a reasonable use case for cryptocurrencies, Moynihan stated that strict regulation precludes it from participating in the new asset class.
Bank of America may only do trading-side research on cryptocurrencies; it cannot manage consumer accounts with digital assets. The bank established a specialized crypto research team in July of last year.
“They’ve said ‘You have to ask us before you do it, and by the way don’t ask.’ It was basically the tone,” Moynihan commented on regulatory scrutiny.
Moynihan emphasized that his bank has made tremendous progress in digitalization:
“So, the reality is that we run a payments business across our platform. It was trillions of dollars a day. And almost all of it digital.”
According to the most recent earnings call from Bank of America, digital channels account for 53% of client purchases. Moynihan estimates the bank has 54 million digital customers.
The banker also acknowledged that Bank of America has “hundreds” of blockchain patents. In fact, the number of blockchain-related patents increased by 86% in 2021.
Despite having the most blockchain patents of any financial business in the world, Bank of America is not completely sold on the technology. In 2019, Cathy Bessant, a member of the bank’s executive management board, stated that she was skeptical of blockchain technology.
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