US banks will ‘come in hard’ for crypto payments if regulations were clear, Bank of America CEO says

Bank of America CEO Brian Moynihan said US banks are prepared to embrace cryptocurrency payments once regulators establish clear rules for the industry.

Speaking at the World Economic Forum in Davos, Moynihan told CNBC that banks will “come in hard on the transactional side” of cryptocurrency if proper regulations are implemented.

The CEO of America’s second-largest bank by assets noted that cryptocurrency payments could become another option alongside traditional methods like credit cards and digital wallets. 

“We have hundreds of patents on blockchain already, we know how to enter the field,” Moynihan said.

His comments come as most US banks have avoided cryptocurrency retail transactions, though their institutional and wealth management divisions have participated in Bitcoin Exchange-Traded Fund (ETF) markets.

Yet Moynihan distinguished between cryptocurrency’s payment utility and its role as an investment vehicle, calling the latter “really a separate question.”

At any rate, his comments may signal a potential shift in major banks’ attitudes towards cryptocurrency adoption, and that clear regulatory frameworks are the spark to ignite a path to the future of money.

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