In what could be a major move for crypto adoption, the Bank of America has announced plans to adopt crypto payments.
The Bank’s CEO, Brian Moynihan, shared this breakthrough news while speaking at the World Economic Forum in Davos, Switzerland on Tuesday.
Regulatory Changes Could Boost Crypto Payments, Moynihan Says
Moynihan explained that a possible change in the regulatory scene could lead to the adoption of crypto payments. He said, “If the rules come in and make it a real thing that you can do business with, you’ll find that the banking system will come in hard on the transactional side of it.”
Bank of America CEO says the banking industry will adopt bitcoin and crypto if regulation allows them pic.twitter.com/wkWFErbOQ9
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US-based financial institutions focused mostly on catering to institutional needs such as the spot Bitcoin ETFs . However, banks have been somewhat silent on the retail front, and that’s largely due to the regulatory scene in the US.
Could Trump Change the Game for Crypto?
The president’s return to the White House has been particularly exciting for crypto users, thanks to his allegiance to the industry. During his campaign, Trump pledged to make crypto a huge part of his administration, even promising to make the industry a national priority.
An infographic showing Trump’s highlight relationship map, including 8 key crypto projects: $TRUMP , $WLFI , $SOL , $SUI , $AAVE , $ONDO , $ENA , $LINK . pic.twitter.com/n6kAcXrnye
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Industry leaders anticipate what Trump will do for the industry , with many believing clearer policies could be on the way. Regulatory clarity could be the push banks need to provide retail crypto services.
Conclusion
The Bank of America believes that crypto could help complement existing traditional structures if the right policies and measures are implemented. “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,” Moynihan stated. Furthermore, Moynihan added that the Bank of America has “hundreds of patents on blockchain already,” indicating its readiness for the change.
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