Brian T. Moynihan, CEO of Bank of America, told Yahoo! Finance that the bank was not in a hurry to become involved in cryptocurrencies.
There is nothing lacking in our lives. “Payments are going through the ceiling,” Moynihan boasted.
A valid use case for cryptocurrencies is cross-border payments, but Moynihan added that tight regulation prevented it from interacting with this new commodity.
Bank of America is only able to do research on the trading side of cryptocurrencies, but it is unable to manage clients’ digital asset accounts. A specialized crypto research team was established by the bank in July, according to U.Today.
What they said was, “You have to ask us first, and by the way don’t ask,”” When asked about regulatory monitoring, Moynihan said, “It was just the tone.”
Moynihan emphasized that his bank has made tremendous progress in the digitization of its operations:.
“To put it another way: we’re in the payments industry. It cost billions of dollars a day to operate. And it’s all done digitally these days.”
It is estimated that digital channels account for 53 percent of Bank of America’s customers’ sales. 54 million digital customers are estimated by Moynihan.
A Bank of America employee was also aware that the bank owned “hundreds” of blockchain-related patents. In fact, the number of patents relating to blockchain technology is expected to rise by 86% by 2021.
Even though Bank of America has more blockchain patents than any other financial business in the world, the bank isn’t completely convinced on the technology. Bank executive board member Cathy Bessant said that she was negative on the blockchain in 2019.