Brian Moynihan, CEO of Bank of America said that banks are ready to enable cryptocurrency payments as soon as regulators allow them. Moynihan made this statement in light of President Donald Trump’s pro crypto stance, according to a report by CNBC.
“If the rules come in and make it a real thing that you can actually do business with, you’ll find that the banking system will come in hard on the transactional side of it,” Moynihan said at the World Economic Forum in Davos, Switzerland.
Traditionally, banks have been against cryptocurrency, although some have enabled bitcoin ETFs. Sullivan Bank allows customers to hold cryptocurrency through Bakkt Holdings’ Crypto Connect service. Other big bank CEOs such as Jamie Dimon of JPMorgan Chase have said bitcoin is a criminal’s tool.
Moynihan added that there the bank has, “hundreds of patents on blockchain already, we know how to enter the field.”
Bitcoin’s value has exploded in the past few months, currently sitting at $104,578 at the time of the writing of this story.
