We Have Hundreds Of Blockchain Patents – But Regulation Doesn’t Allow Us To Participate In Crypto – Regulation

The CEO of Bank of America says his bank has hundreds of blockchain patents, but regulations don’t allow it to deal with crypto. “The reality is we can’t do it through regulation,” he said.

CEO of Bank of America on Crypto

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

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

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

With regard to cryptocurrency, however, he revealed, “We don’t deal with cryptocurrency people’s accounts… we honestly shouldn’t.”

The chief of the Bank of America explained: “Because we are regulated and they… [regulators] said you can’t. They’ve said ‘you have to ask us before you do it and by the way, don’t ask’ – was the tone actually.” He emphasized:

The reality is we can’t do it through regulation. We can’t really participate.

However, Moynihan clarified: “On the trade side, 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 in July last year. In October, the research team debuted a comprehensive report stating that digital assets are “too big to ignore.” The bank also sees a huge opportunity in the metaverse for the entire crypto ecosystem.

The Bank of America CEO was also asked if he feels he is missing out on the next big step. “No,” Moynihan replied simply.

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Bank of America, bank of America bitcoin, bank of America crypto, bank of America cryptocurrency, Blockchain Patents, BOA, Brian Moynihan, Brian Moynihan blockchain, Brian Moynihan crypto, Brian Moynihan cryptocurrency, Davos

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

Kevin Helms

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

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