Bank of America Exec denies significant role of Crypto in payment

The chief executive officer of Bank of America shared his stance on crypto and claimed the Bank is not missing the crypto use cases in the payment system.

The Bank of America Corporation is popularly known as Bank of America (BOA). This bank is an American multinational investment bank and financial services holding company headquartered in Charlotte, North Carolina. Bank of America is popularly known as a crypto critic in the crypto industry. 

Recently Brian T. Moynihan, CEO of Bank of America, appeared in an interview with Yahoo Finance. Through the interview, Brian indirectly tried to say that Bank of America doesn’t think that crypto is an important vehicle to use in the payment system, however, appreciated the technology of Blockchain indirectly. 

Brian said:

“We are not missing anything. We are driving payments through the roof.”

Brian also said that crypto assets are useful in the international payment system but these crypto-assets can be avoided from the category of the asset class under the strict regulatory policies.

In July of last month, Bank of America established its crypto research team to know the potential of crypto & blockchain technology and its use cases but it will not be bad to say that Bank is lagging in research on crypto trading.

The BoA CEO noted that the Bank always adopted innovation to bring digitization to its services. 

Brian further added:

“So, the reality is that we run a payments business across our platform. It was trillions of dollars a day. And almost all of it digital.”

In the last earning call report, BoA confirmed that 53% of its users, which is 54 million, are digital users. Which is a clear hint that the Bank is following progressive steps toward digitization.

The interview also revealed that Bank of America filed more than 100s of patent regarding blockchain technology use cases. 

Read also: Russia trying to figure out ways to use crypto in international trade: Ivan Chebeskov