Banks and other financial institutions in the United States are interested in processing crypto payments, but clear regulatory guidelines must first be established.
TradFi organizations in the U.S. are prepared to enter the cryptocurrency payments market, provided transparent regulatory rules are developed and implemented. The financial industry is waiting for clear signals from regulators before advancing further in this direction. Brian Moynihan, CEO of Bank of America (BoA), shared this during an interview with CNBC at the World Economic Forum in Davos.
Moynihan stated that if the implementation of an appropriate regulatory framework makes crypto payments a “real thing,” crypto transactions would be regarded as another payment method alongside credit and debit cards, Apple Pay, and others. He also mentioned that Bank of America holds “hundreds of patents on blockchain already” and has a clear understanding of how to navigate the cryptocurrency space.
Notably, representatives of BoA, the second-largest bank in the U.S., are actively patenting Web3 solutions since at least 2018. The bank reportedly owns around 100 relevant patents, ranging from blockchain-based payment systems to digital wallets and corporate crypto accounts. Previously, analysts speculated whether the bank’s patent strategy was aimed at driving innovation in blockchain technologies or hedging potential future risks. However, the BoA CEO’s comments shed some light on the matter.
In July 2023, it was revealed that Bank of America uses artificial intelligence (AI) and Metaverse technologies to simulate various scenarios as part of employee training programs.
