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Bank of America CEO Brian Moynihan has revealed that U.S. banks are prepared to offer cryptocurrency payment services, provided federal regulators approve the move. Speaking at the World Economic Forum in Davos, Switzerland, Moynihan emphasized the banking sector’s readiness to integrate crypto into daily transactions.
“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 in an interview with CNBC.
As the second-largest U.S. bank by assets, Bank of America has already secured hundreds of blockchain patents. Moynihan hinted that the bank, alongside others, could easily incorporate cryptocurrency payments into existing systems like Visa, Mastercard, Apple Pay, and debit cards.
The anticipation for clear regulations has grown under President Donald Trump, who has positioned himself as pro-crypto. This marks a shift from the previous administration under Joe Biden, which many perceived as adopting a less favorable stance toward digital assets.
Reports suggest Trump may issue an executive order enabling banks and financial institutions to hold cryptocurrencies like Bitcoin (BTC) on behalf of their clients. However, the exact timeline for these changes remains uncertain. Moynihan expressed confidence in the potential for crypto to become a mainstream payment method, contingent on a solid regulatory framework.
“If you go down the street here and you go in and buy lunch, if you can pay with Visa, Mastercard, a debit card, Apple Pay, etc., this would just be another form of payment,” he noted.
While crypto did not appear among the initial executive orders signed by Trump, industry players are optimistic about forthcoming clarity. For now, U.S. banks remain on standby, prepared to act swiftly once regulations align with the growing demand for digital asset integration.