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We Have Hundreds of Blockchain Patents — But Regulation Won’t Allow Us to Engage in Crypto – Regulation Bitcoin News

maxmas07 by maxmas07
May 31, 2022
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We Have Hundreds of Blockchain Patents — But Regulation Won’t Allow Us to Engage in Crypto – Regulation Bitcoin News
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The CEO of Bank of America says that his financial institution has a whole lot of blockchain patents however laws won’t permit it to interact in crypto. “The reality is that we can’t do it by regulation,” he mentioned.

Bank of America’s CEO on Crypto

Bank of America (BOA) CEO Brian Moynihan talked about cryptocurrency in an interview with Yahoo Finance Live on the latest World Economic Forum occasion in Davos, revealed Saturday.

He was requested about his financial institution’s plans for cryptocurrencies. “The reality is that we run a payments business across our platform. It’s trillions of dollars a day, and almost all of it is digital,” the manager replied, including:

If you consider the blockchain, we’ve got a whole lot of patents on blockchain as a course of and as a device and as a know-how.

However, with regard to cryptocurrency, he revealed: “We’re not engaging in accounts for people in cryptocurrency … we’re not allowed to, frankly.”

The Bank of America chief defined: “Because we’re regulated and they [regulators] have said you can’t. They’ve said, ‘you have to ask us before you do it and, by the way, don’t ask’ — was basically the tone.” He emphasised:

The actuality is that we are able to’t do it by regulation. We’re probably not allowed to interact.

However, Moynihan clarified: “On the trading side, we could do it. Our research team writes on it.”

Bank of America’s analysis group has been actively publishing studies on cryptocurrencies. The financial institution formally established a cryptocurrency research team in July final 12 months. In October, the analysis group debuted a prolonged report stating that digital belongings are “too large to ignore.” The financial institution additionally sees an enormous opportunity in the metaverse for your entire crypto ecosystem.

The Bank of America CEO was additionally requested if he seems like he’s lacking out on the subsequent huge factor. “No,” Moynihan merely replied.

Tags in this story
Bank of America, bank of america bitcoin, bank of america crypto, bank of america cryptocurrency, Blockchain Patents, BOA, Brian Moynihan, Brian Moynihan blockchain, Brian Moynihan crypto, Brian Moynihan cryptocurrency, Davos

What do you consider the feedback by Bank of America CEO Brian Moynihan? Let us know in the feedback part under.

Kevin Helms

A scholar of Austrian Economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His pursuits lie in Bitcoin safety, open-source methods, community results and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational functions solely. It is just not a direct supply or solicitation of a proposal to purchase or promote, or a advice or endorsement of any merchandise, companies, or firms. Bitcoin.com doesn’t present funding, tax, authorized, or accounting recommendation. Neither the corporate nor the writer is accountable, immediately or not directly, for any harm or loss precipitated or alleged to be brought on by or in reference to the use of or reliance on any content material, items or companies talked about in this text.

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