Bank Of America CEO Signals Crypto Payment Acceptance, Pending Regulatory Green Light

Brian Moynihan, CEO of Bank of America BAC, on Tuesday indicated a willingness for the U.S. banking sector to fully incorporate cryptocurrencies into payment systems.

This comes with a crucial condition: clear regulatory approval.

What Happened: Speaking at the World Economic Forum, Moynihan responded to questions about the potential impact of President Donald Trump‘s positive views on digital currencies.

This suggests a significant shift in tone, as previously, many big banks had shied away from integrating crypto payments at the consumer level.

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However, Moynihan’s comments do not suggest that Bank of America, or the banking sector as a whole, currently see cryptocurrency as an investment vehicle, but rather solely as a transactional tool.

Moynihan explained that if regulators establish a framework that enables secure and legitimate cryptocurrency transactions, traditional banks would likely become heavily involved in facilitating them.

He pointed out that these transactions could potentially operate in much the same way as existing payment systems.

The implication here is that crypto payments might become as commonplace as credit card transactions.

Bank of America, he further noted, has been actively researching blockchain technology, demonstrating their readiness to enter the space if and when regulations are approved.

This suggests a level of readiness, rather than a speculation or projection.

Moynihan drew a distinction between crypto’s use as a payment method and it’s possible uses as an investment, stating that these are separate concerns.

This is important because while banks have been very active in some crypto areas like Bitcoin BTC/USD ETFs, they have so far been resistant to the idea of everyday payments.

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