Bank of America Has Hundreds of Blockchain Patents, but Regulations Do Not Permit Participating in Crypto
In an interview that took place at the most recent World Economic Forum meeting in Davos and was posted on Saturday, Bank of America (BOA) CEO Brian Moynihan discussed cryptocurrencies.
He was questioned on the strategies that his bank has in place for bitcoin. “If you really want to know the reality, we really operate a payments company throughout our network. It’s hundreds of billions of dollars a day, and nearly all of it’s digital,” the CEO responded, adding, “If you consider blockchain, we have large numbers of patents on blockchain as a system, as a tool, and as an innovation.”
On the other hand, he said the following with reference to crypto: “We do not reveal people’s data in cryptoassets… honestly speaking, we are not permitted to.”
The President of Bank of America provided the following explanation: “Because we are organised, and they are [regulators], I told you that you can’t.” They stated, “You have to notify us before you get there that, so by the way, don’t inquire“; this was the general tone of what they said.
“The fact of the matter is that we are unable to do it via regulation. We are not actually permitted to take part in this.”
On the other hand, Moynihan provided an explanation, saying, “On the business world, we can use it.” About this topic, “our research team has written.”
The research department of Bank of America frequently releases new studies on various cryptographic currencies. In July of the previous year, the financial institution officially formed a research team dedicated to cryptocurrencies. A comprehensive study on the topic of digital assets being “Too large to ignore” was written by the research team in October and released. The bank also perceives a significant opportunity in Metaverse for the whole environment of programming.
Another question that was posed to the CEO of Bank of America was about his feelings on the possibility that he is losing out on the next great thing. Moynihan’s response was a straightforward “No.”