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Bank of America’s CEO Brian Moynihan expressed readiness to integrate cryptocurrencies into the banking sector’s payment systems during a CNBC interview at the World Economic Forum in Davos. He highlighted that the adaptation hinges on regulatory approval.
Moynihan pointed out that American banks are equipped to adopt crypto transactions once regulations are set clarifying the digital currencies as legitimate for business use. Despite the industry’s hesitation about crypto in retail transactions the major banks have engaged in bitcoin ETFs and other institutional crypto dealings.
Addressing cryptocurrency’s potential beyond investment Moynihan added that it could become a common payment option alongside Visa and Apple Pay. The bank is well-prepared for such developments with hundreds of blockchain patents and is waiting for the regulatory green light to proceed.
