Bank of America CEO: Financial Industry Will Fully Embrace Crypto Payments If Regulation Allows It

PANews, Jan. 21 -- Bank of America CEO Brian Moynihan said at the World Economic Forum in Davos that crypto payments will become an important part of the banking industry if U.S. regulators approve them, CNBC reported. He emphasized that when the rules become clear, the banking system will quickly follow suit in the transaction space and see cryptocurrencies as another form of payment.

While the US banking industry is currently wary of retail payments in cryptocurrencies, its institutional trading and wealth management divisions are already involved in the bitcoin ETF market. Moynihan revealed that Bank of America has hundreds of blockchain patents and is ready to enter the space at any time.

Additionally, news has surfaced that Bank of America may already be using XRP across the board for internal transactions.While there has been no official confirmation of this, the announcement has sparked widespread market interest in Ripple and the potential of its technology.Ripple's partnership with Bank of America dates back many years, and the two companies have been exploring the use of blockchain technology in cross-border payments.