Brian T. Moynihan – CEO of Bank of America – recently confirmed that The company will not provide crypto-related services in the near future. Although he recognizes the importance of digital payments in today’s economy. But he argues regulatory hurdles prevent banks from making deep inroads in the industry.
Environmentally friendly regulations
talking to Yahoo Finance At the World Economic Forum on Saturday, Moynihan was asked about what Bank of America “may or may not” with cryptocurrencies in the future.
“We can’t,” the CEO replied, “according to the regulations. We are not really allowed to participate.”
Regulatory challenges have become a major concern for the US Crypto industry, whether due to concerns about issuing securities tokens. Or the lending practices of some platforms (such as Coinbase) by all blockchain businesses need to be cautious.
Things would be easier if the private sector knew Which cryptocurrencies and tokens are classified as illegal securities? But now it’s not clear. And that’s why US President Joe Biden issued an executive order in March. To help organize research and development for the digital asset regulatory framework.
However, Bank of America will continue to write solely research paper on the crypto market.
The post Bank of America has no plans to offer Crypto services in the foreseeable future, appeared first on Bitcoin Addict.