Bank of America: Crypto Payments May Become Part of the US Financial System
Date: 2025-01-22 Author: Henry Casey Categories: IN WORLD
According to Moynihan, most banks prefer to avoid cryptocurrencies in everyday transactions, focusing on trading and asset management, including operations with bitcoin ETF units. However, initiatives related to cryptocurrencies may change significantly due to the support of digital assets from President Donald Trump.
“If the new rules create conditions for the legitimization of crypto payments, the banking system will be able to integrate them almost immediately,” he emphasized. Moynihan added that cryptocurrency transactions will become just another payment method along with traditional instruments, such as credit and debit cards, as well as mobile payments via Apple Pay.
Earlier, OKX President Hong Phan spoke about the prospects for regulating cryptocurrencies, noting that the presidential administration's change in approach to digital assets will open up the opportunity for first-tier banks to develop new financial products based on cryptocurrencies.
