News Sharing: Bank of America CEO Says We Have Hundreds of Blockchain Patents, But Regulation Doesn’t Allow Us to Work in Crypto

News Source Media: Bitcoin.com

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【Key Abstract】

Bank of America (BOA) CEO Brian Moynihan spoke about cryptocurrencies in a live interview with Yahoo Finance at the recent World Economic Forum event (WEF) in Davos, published Saturday.
Asked about the bank’s cryptocurrency plans, he said: “The reality is that we operate payments on the bank’s platform. There are trillions of dollars flowing every day, and almost all of it is digital, if you think about blockchain, We have hundreds of patents on blockchain as a process, tool and technology.”

Regarding cryptocurrencies, however, he revealed: “We are not involved in cryptocurrency personal account planning... Frankly speaking, we are not allowed to do that. Because we are regulated, they [referring to the regulators] say you can’t. They said: 'You have to ask the regulator before you do it, and of course it's better not to ask.' Because the reality is that regulators cannot effectively regulate this issue."

However, Brian Moynihan clarified: "In terms of transactions, banks have been able to plan and report on it."
The research team at Bank of America has been actively publishing reports on cryptocurrencies. The bank officially launched its cryptocurrency research team last July. In October, the research team released a lengthy report stating that digital assets have grown to be "too big to ignore." The bank also sees a huge opportunity in the metaverse for the entire crypto ecosystem.
And Brian Moynihan doesn't think he'll miss out on this important event.

【idea】

Bank of America has always taken a positive attitude towards the crypto industry. When El Salvador announced that Bitcoin would become a legal tender last year, most financial institutions and experts expressed negative views. Only Bank of America pointed out that El Salvador faced two problems at that time. problems and affirmative action.
1. More than 70% of adults in El Salvador do not have a bank account, and the realization of electronic payment through BTC is of progressive significance.
2. There are many young people in El Salvador who go to work overseas, and the remittance fee accounts for 24% of the GDP. The use of BTC can not only reduce the cost of remittance, but also improve the efficiency of remittance.
In response to this matter, it is necessary to affirm the height of Bank of America. Instead of looking at things from your own perspective, you should analyze more and criticize less from the perspective of the other party.

Going back to this piece of news, I believe that many institutions are planning blockchain and Web3-related cases, but unfortunately, often these new projects are incubating because of insufficient regulations. In the front, even the unwillingness to change the regulations and other reasons, was stillborn in the end.
This is really a pity. It can be understood that from the perspective of the competent authority and supervision, it is the most stable to play conservative cards, and wait for others to achieve results and ensure sufficient safety before following up; there is nothing right or wrong in this approach. Points, just need to think about, is it really because of these reasons that many innovative technologies are stifled every time, is there really no compromise or a two-way solution?

【Extended reading】

Bank of America Establishes Cryptocurrency Research Team

Bank of America's Crypto Research Debuts: Digital Assets Are 'Too Large to Ignore'

Bank of America Sees Massive Opportunity in Metaverse for Entire Crypto Ecosystem

News Sharing: U.S. Bank Stands Out, Affirms El Salvador’s Bitcoin Strategy Has Potential Advantages