Bank of America CEO sees US banks “come in hard” for crypto payments if regulations are in place
Key Takeaways
- Bank of America is prepared to enter the crypto market upon receiving regulatory clarity.
- The bank’s focus would be on regulated, non-anonymous transactions.
US banks are eager to adopt crypto for transactions if regulatory guidelines are set forth, said Bank of America CEO Brian Moynihan in a Tuesday interview with CNBC’s Squawk Box.
“If the rules come in and make it a real thing that you can actually do business with, you will find the banking system will come in hard on the transactional side of it,” said Moynihan when asked whether he thought his bank would go full on in the crypto business within the next one to two years given President Donald Trump’s pro-crypto stance.
“Non-anonymous transactions, verified,” he added.
Moynihan also noted that the bank already handles most money movements digitally.
“We already move the vast majority of our money digitally. Our consumers do or companies do it,” he said.
When asked if he saw crypto and Bitcoin as a threat to the US dollar, Moynihan said he viewed crypto as potentially another payment option alongside existing methods like “Visa, Mastercard, debit card, Apple Pay.”
The main obstacle is the current lack of regulatory clarity, but once that’s resolved, he expects the banking system to become a major player in the crypto transaction space.
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