However, this field is still largely unregulated, and the lack of regulation (or consensus on it) hinders advancement in the wider adoption of the new asset class – according to some financial experts. One of them is Brian Moynihan, the CEO of Bank of America (NYSE: BAC), who explained his views on the matter to Yahoo Finance’s Brian Sozzi at the World Economic Forum in Davos, Switzerland, in an interview published on May 26. Asked about his corporation’s plans for digital currencies, Moynihan said that:
Banks ‘not allowed’ to engage with crypto
That said, he highlighted the main problem that prevents the bank from engaging in accounts for people in crypto: Furthermore, he added that: However, according to Moynihan, the BoA’s research team is already working on introducing crypto operations once the regulation is ready, explaining that: “On the trading side, we could do it.” Interestingly, Finbold reported in early April on the BoA’s predictions that crypto could actually be a more robust market than traditional asset classes like stocks and outperform them in the upcoming ‘recession shock.’ Watch the entire interview with the BoA CEO here (cryptocurrency and blockchain discussion begins at 10:35):
