US banks ready for crypto payments: Bank of America CEO
What's the story
Bank of America's CEO Brian Moynihan has said that the US banking industry is ready to adopt cryptocurrencies for payments, if given the green light by regulators.
Speaking during an interview at the World Economic Forum in Davos, Switzerland, Moynihan shared his thoughts on the industry's possible shift toward crypto.
His remarks come as US President Donald Trump and other world leaders show interest in digital currencies.
Regulatory impact
Moynihan anticipates banking sector's shift toward crypto transactions
Moynihan told CNBC that if regulations legitimize business transactions with cryptos, the banking system will quickly adapt.
"If the rules come in and make it a real thing that you can actually do business with, you'll find that the banking system will come in hard on the transactional side of it," he said.
This shows a shift in US banking sector's stance toward digital currencies.
Industry perspective
US banks' current stance and future prospects with crypto
Currently, US banks are reluctant to let customers use cryptocurrencies for retail transactions.
However, their institutional trading and wealth management divisions have traded markets for Bitcoin ETFs.
Despite some industry leaders slamming Bitcoin as a currency for criminals, Moynihan envisions digital currencies as another form of payment along with traditional methods like credit cards, debit cards, and Apple Pay.
Technological readiness
Bank of America's preparedness for crypto integration
Moynihan emphasized Bank of America's preparedness to step into the arena of digital currencies, pointing to its large patent portfolio on blockchain technology.
"We have hundreds of patents on blockchain already, we know how to enter the field," he said.
However, he refrained from commenting on the possible use of cryptocurrencies like Bitcoin as an investment or store of value, calling it a different issue.