Bank of America CEO Brian Moynihan says US banks will start offering 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 willing to offer crypto services if US President Donald Trump’s administration gives the green light.
“If the rules come in and make it a real thing that you can actually do business with, you will notice that the banking system will intervene hard on the transactional side of it.”
The CEO of the second largest US bank by assets under management believes that crypto could be used as a means of payment for everyday transactions, which US banks would facilitate.
“If you walk down the street here and buy lunch, if you can pay with Visa, Mastercard, a debit card, Apple Pay, etc., this would be just another form of payment. We already have hundreds of patents on blockchain. We know how to take the field.”
Pro-crypto President Trump is expected to change and clarify the rules to embrace digital assets after former US President Joe Biden and his administration took what was largely seen as an anti-crypto approach.
However, the specific actions Trump will take remain to be seen, and crypto was left out of the list of executive orders the new president signed 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 customers.
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