$1.6 Trillion Bank of America Ready to Embrace Crypto Payments at Davos, Awaits Regulatory Approval

Jan 21, 2025, 01:40 PM

Bank of America, valued at $1.6 trillion, is prepared to embrace cryptocurrencies for payments if regulators approve, according to CEO Brian Moynihan. Speaking at the World Economic Forum in Davos, Switzerland, Moynihan emphasized that if regulations allow for the use of cryptocurrencies in transactions, banks would actively engage in facilitating these payments. He highlighted Bank of America's readiness, mentioning the bank's existing blockchain patents. Moynihan's comments come in the context of President Donald Trump's enthusiasm for digital currencies, suggesting a potential shift in the banking sector's approach to crypto under the current administration.