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The CEO of Bank of America says that his bank has hundreds of blockchain patents but regulations will not allow it to engage in crypto. \u201cThe reality is that we can\u2019t do it by regulation,\u201d he said.<\/strong><\/p>\n Bank of America (BOA) CEO Brian Moynihan talked about cryptocurrency in an interview with Yahoo Finance Live at the recent World Economic Forum event in Davos, published Saturday.<\/p>\n He was asked about his bank\u2019s plans for cryptocurrencies. \u201cThe reality is that we run a payments business across our platform. It\u2019s trillions of dollars a day, and almost all of it is digital,\u201d the executive replied, adding:<\/p>\n If you think about the blockchain, we have hundreds of patents on blockchain as a process and as a tool and as a technology.<\/p>\n<\/blockquote>\n However, with regard to cryptocurrency, he revealed: \u201cWe\u2019re not engaging in accounts for people in cryptocurrency \u2026 we\u2019re not allowed to, frankly.\u201d<\/p>\n The Bank of America chief explained: \u201cBecause we\u2019re regulated and they [regulators] have said you can\u2019t. They\u2019ve said, \u2018you have to ask us before you do it and, by the way, don\u2019t ask\u2019 \u2014 was basically the tone.\u201d He emphasized:<\/p>\n The reality is that we can\u2019t do it by regulation. We\u2019re not really allowed to engage.<\/p>\n<\/blockquote>\n However, Moynihan clarified: \u201cOn the trading side, we could do it. Our research team writes on it.\u201d<\/p>\n Bank of America\u2019s research team has been actively publishing reports on cryptocurrencies. The bank formally established a cryptocurrency research team<\/a> in July last year. In October, the research team debuted a lengthy report stating that digital assets are \u201ctoo large to ignore<\/a>.\u201d The bank also sees a massive opportunity in the metaverse<\/a> for the entire crypto ecosystem.<\/p>\n The Bank of America CEO was also asked if he feels like he is missing out on the next big thing. \u201cNo,\u201d Moynihan simply replied.<\/p>\nBank of America\u2019s CEO on Crypto<\/h2>\n
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