- The banking sector could embrace crypto payments if clearer rules are in place
- Crypto would be another form of payment like Visa and Mastercard, said Brian Moynihan
- A new crypto task force aims to provide a “clear regulatory framework for crypto assets”
Bank of America’s CEO said the US banking industry will embrace crypto payments if clearer rules are in place from regulators.
In an interview with CNBC at the World Economic Forum in Davos, Switzerland, Brian Moynihan said that all banks send money digitally nowadays. He added that if rules come in and crypto payments are made “real,” then “the banking system will come in hard on the transactional side of it.”
“If you go down the street here and you go in and buy lunch, right, if you can pay with Visa, Mastercard, a debit card, Apple Pay, etc., this would just be another form of payment,” the BoA CEO said.
To date, US banks have been cautious about offering retail crypto services, instead focusing on providing institutional products such as spot Bitcoin exchange-traded funds (ETFs).
Changes under a Trump administration?
Moynihan’s comments come as President Donald Trump started another term in the White House earlier this week.
During his election campaign, Trump indicated a pro-crypto stance and has since appointed several pro-crypto candidates to various government positions.
Introducing a new crypto task force “dedicated to developing a comprehensive and clear regulatory framework for crypto assets” could give banks the push they need to enter the space.
Speaking to CoinJournal, Tom Kiddle, co-founder of Palisade, a French-regulated digital asset custodian backed by Ripple, said: “So far, the country has done little to advance a clear crypto regulatory framework. However, Trump’s nomination of pro-crypto Paul Atkins could mark the dawn of a new era for the sector.”
When asked about crypto such as Bitcoin as an investment option during the interview, Moynihan refrained from answering, stating that topic was “really a separate question.”