Bank of America boss Brian Moynihan said Tuesday that U.S. banks would be open to using cryptocurrency for payments if regulators permit it.
In an interview with CNBC on Tuesday, the CEO of one of America’s biggest banks said that all banks send money digitally nowadays—and that BoA already knows about blockchain technology and has been “studying it for years.” But he added that regulators haven’t been clear on how banks could use a cryptocurrency.
“If the rules come in and make it a real thing that you can actually do business with,” he said, “you’ll find that the banking system will come in hard on the transactional side of it,”
Moynihan’s comments come just as Wall Street’s top regulator, the Securities and Exchange Commission, announced a new crypto task force that will create “a sensible regulatory path” for the industry.
“If it’s a stablecoin-type of dollar-backed [crypto], like the money market fund… and our consumers actually want to use it, we think there’s value there,” he said at the World Economic Forum in Davos, Switzerland. “That’s just another way money moves.”
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