We have hundreds of Blockchain patents – but regulations will not allow us to deal with cryptocurrency – Bitcoin Regulation News

We have hundreds of Blockchain patents – but regulations will not allow us to deal with cryptocurrency – Bitcoin Regulation News

The executive director of Bank of America says that his bank has hundreds of blockchain patents, but the regulations will not allow it to deal with cryptocurrency. “The reality is that we can’t do it according to the regulations,” he said.

CEO of Bank of America for Crypto

Bank of America (BOA) CEO Brian Moynihan spoke about the cryptocurrency in an interview with Yahoo Finance Live at a recent World Economic Forum event in Davos, released on Saturday.

He was asked about his bank’s plans for cryptocurrencies. “The reality is that we run payment transactions on our platform. It’s about trillions of dollars a day, and almost everything is digital, “the CEO replied, adding:

If you think about blockchain, we have hundreds of patents on blockchain as a process and as a tool and as a technology.

However, as far as cryptocurrency is concerned, he revealed: “We do not open accounts for people in cryptocurrency… we are not allowed to, honestly.”

The head of Bank of America explained: “Because we are also regulated [regulators] you said you couldn’t. They said, “you have to ask us before you do that and, by the way, don’t ask” – it was basically a tone. He emphasized:

The reality is that we cannot do it according to the regulations. We are not allowed to get involved.

However, Moynihan clarified: “As far as trade is concerned, we could do it. Our research team is writing about it. ”

The Bank of America research team has been actively publishing reports on cryptocurrencies. The bank formally established a cryptocurrency research team July last year. In October, a research team released a lengthy report stating that digital assets were “too big to ignore. ” The bank also sees a huge opportunity in the metaverse for the entire crypto ecosystem.

The CEO of Bank of America was also asked if he felt like he was missing the next big thing. “No,” Mojnihan replied simply.

Labels in this story

Bank of America, american bitcoin bank, cryptocurrencies of the American bank, cryptocurrency of the American bank, Blockchain Patents, BOA, Brian Moynihan, Brian Moynihan blockchain, Brian Moynihan crypto, Brian Moynihan cryptocurrency, Davos

What do you think of the comments of Bank of America CEO Brian Moynihan? Let us know in the comments section below.

We have hundreds of Blockchain patents – but regulations will not allow us to deal with cryptocurrency – Bitcoin Regulation News

Kevin Helms

A student of Austrian economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in the security of Bitcoin, open source systems, network effects and the crossroads between economics and cryptography.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, nor a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or allegedly caused by the use or reliance on any of the content, goods or services mentioned in this article.

(function(d, s, id) {
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) return;
js = d.createElement(s); js.id = id;
js.src=”https://connect.facebook.net/en_US/sdk.js#xfbml=1&version=v3.2″;
fjs.parentNode.insertBefore(js, fjs);
}(document, ‘script’, ‘facebook-jssdk’));



Source link

Leave a Reply