Bank of America CEO Brian Moynihan revealed that U.S. banks stand ready to embrace cryptocurrencies for payments once regulators establish clear rules. The statement marks a notable shift in traditional banking's stance toward digital currencies.
Speaking at the World Economic Forum in Davos, Switzerland, Moynihan explained that cryptocurrencies could become just another payment option alongside existing methods like debit cards, Visa, Mastercard, and Apple Pay.
"If the rules come in and make it a real thing that you can actually do business with, you'll find that the banking system will come in hard on the transactional side of it," Moynihan stated during an interview with CNBC's Andrew Ross Sorkin.
The CEO of America's second-largest bank by assets noted that Bank of America has already secured hundreds of blockchain-related patents, indicating their technical readiness to enter the crypto space. However, Moynihan carefully separated the discussion of crypto payments from cryptocurrency as an investment vehicle, calling it "really a separate question."
This openness to crypto adoption represents a contrast to previous banking industry positions. While major U.S. banks have largely avoided cryptocurrency transactions for retail customers, their institutional trading and wealth management divisions have participated in bitcoin ETF markets.
The statement comes as the banking sector watches for potential regulatory developments that could shape the future of cryptocurrency integration into traditional financial services. Moynihan's comments suggest that once clear regulatory frameworks are established, major banks may quickly move to incorporate crypto payment options into their existing services.