Bank of America CEO: We Have Hundreds of Blockchain Patents — But Regulation Won’t Allow Us to Engage in Crypto

The CEO of Bank of America says that his financial institution has tons of of blockchain patents however rules is not going to enable it to interact in crypto. “The actuality is that we are able to’t do it by regulation,” he stated.

Bank of America’s CEO on Crypto

Bank of America (BOA) CEO Brian Moynihan talked about cryptocurrency in an interview with Yahoo Finance Live on the current World Economic Forum occasion in Davos, printed Saturday.

He was requested about his financial institution’s plans for cryptocurrencies. “The actuality is that we run a funds enterprise throughout our platform. It’s trillions of {dollars} a day, and nearly all of it’s digital,” the manager replied, including:

If you concentrate on the blockchain, we’ve tons of of patents on blockchain as a course of and as a software and as a expertise.

However, with regard to cryptocurrency, he revealed: “We’re not participating in accounts for folks in cryptocurrency … we’re not allowed to, frankly.”

The Bank of America chief defined: “Because we’re regulated they usually [regulators] have stated you possibly can’t. They’ve stated, ‘you need to ask us earlier than you do it and, by the way in which, don’t ask’ — was mainly the tone.” He emphasised:

The actuality is that we are able to’t do it by regulation. We’re probably not allowed to interact.

However, Moynihan clarified: “On the buying and selling aspect, we may do it. Our analysis workforce writes on it.”

Bank of America’s analysis workforce has been actively publishing experiences on cryptocurrencies. The financial institution formally established a cryptocurrency research team in July final yr. In October, the analysis workforce debuted a prolonged report stating that digital property are “too large to ignore.” The financial institution additionally sees an enormous opportunity in the metaverse for your entire crypto ecosystem.

The Bank of America CEO was additionally requested if he looks like he’s lacking out on the following massive factor. “No,” Moynihan merely replied.

What do you concentrate on the feedback by Bank of America CEO Brian Moynihan? Let us know within the feedback part under.