Bank of America CEO Says U.S. Banks Will Adopt Crypto for Payments if Regulations Permit

Bank of America CEO Brian Moynihan has stated that the U.S. banking industry is prepared to embrace cryptocurrencies for payment transactions—provided regulators give their approval. Speaking at the World Economic Forum in Davos, Switzerland, Moynihan indicated that if regulatory frameworks were established to legitimize crypto transactions, the banking system would actively enter the space on the transactional side.

Moynihan’s comments came in response to a question about how the banking sector might adapt to cryptocurrency, given former President Donald Trump’s support for digital currencies. He suggested that clear regulatory guidelines would encourage banks to integrate crypto as a viable payment method.

Currently, American banks have largely refrained from allowing customers to use cryptocurrency for everyday retail purchases, although institutional trading and wealth management divisions have engaged in markets related to bitcoin exchange-traded funds (ETFs). Prominent industry figures, such as JPMorgan Chase CEO Jamie Dimon, have criticized Bitcoin, arguing that it is commonly used for illicit activities and fraud.

Explaining how crypto could fit into existing payment options, Moynihan compared it to traditional methods like Visa, Mastercard, debit cards, and Apple Pay, suggesting that cryptocurrencies could simply become another alternative for consumers. He noted that Bank of America already holds hundreds of blockchain-related patents, affirming the institution’s readiness to enter the sector if regulations allow.

Moynihan refrained from discussing cryptocurrencies such as bitcoin in the context of investment or as a store of value, emphasizing that these considerations were a separate matter.

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