Bank of America CEO Brian Moynihan said the U.S. banking sector is ready to embrace cryptocurrencies for payments if regulatory frameworks allow. Speaking at the World Economic Forum in Davos, Switzerland today, Moynihan said the sector is ready to integrate digital currencies into transaction systems.
“If the regulations come into play and make this a real thing that you can actually do business with, you’re going to see the banking system come in hard on the transactional side of this,” Moynihan told CNBC’s Andrew Ross Sorkin in an interview.
Moynihan compared the use of cryptocurrencies to existing payment methods such as Visa, Mastercard, debit cards and Apple Pay, suggesting that if regulatory clarity is achieved, cryptocurrencies could become another option in the payments ecosystem.
The banking sector’s cautious stance on retail crypto transactions contrasts with its involvement in institutional trading and asset management, particularly Bitcoin ETFs. Prominent industry leaders including JPMorgan Chase CEO Jamie Dimon have previously criticized Bitcoin, labeling it a tool for criminals and scammers.
Despite the skepticism surrounding cryptocurrencies, Moynihan noted Bank of America’s investment in blockchain technology. “We already have hundreds of patents on blockchain, we know how to get into this space,” he said.
Moynihan avoided discussing cryptocurrencies like Bitcoin as an investment or store of value, stating that such issues were “really a separate question.”
*This is not investment advice.
