Bank of America CEO Says US Banking Industry To Jump Into Crypto Payments if Regulators Give Green Light: Report

Bank of America CEO Brian Moynihan says US banks will start providing crypto payment services if federal regulators ever approve it.

In a new interview with CNBC at the World Economic Forum in Davos, Switzerland, Moynihan says US banks are prepared to start offering crypto services if US President Donald Trump’s administration gives the go-ahead.

“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.”

The CEO of the second largest US bank by assets under management believes crypto could be used as a form of payment for everyday transactions, which the American banks would facilitate.

“If you go down the street here and you go in and buy lunch, if you can pay with Visa, Mastercard, a debit card, Apple Pay, etc., this would just be another form of payment. We have hundreds of patents on blockchain already. We know how to enter the field.”

Pro-crypto President Trump is expected to change and clarify rules to embrace digital assets after former US President Joe Biden and his administration had taken what was largely perceived as an anti-crypto approach.

However, the specific actions Trump will take remain to be seen, and crypto was left off the list of executive orders signed by the new president on his first day in office.

The Washington Post reported earlier this month that Trump may issue an executive order to allow banks and financial institutions to hold Bitcoin (BTC) and crypto assets on behalf of their clients.

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