CEO of Bank of America: “We Want a Cashless Society”

Bitcoinqubit

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Quote from: Baofeng on June 21, 2019, 09:13:19 AM

Quote

Bank of America (BAC) CEO Brian Moynihan embraced the digital money movement on Wednesday, saying his firm has “more to gain than anybody” from the booming trend of non-cash transactions.

“We want a cashless society,” Moynihan, who heads up the second largest U.S. bank, told attendees at Fortune’s Brainstorm Finance conference.

He pointed out that more than half of all money transactions are already processed electronically, with the rise of cryptocurrencies, and payment systems like PayPal (PYPL), Zelle, and digital wallets.

The banking sector has “already digitized,” Moynihan said on Wednesday. “The business has moved digitally and it will continue to move that way. It’s just figuring out how to add the value.”

https://finance.yahoo.com/news/bank-of-america-brian-moynihan-cashless-society-210717673.html

Is this a hint that BAC is looking at crypto as not a competition but rather both ecosystems can exist together? Your thoughts.

1. peer to peer money which called crypto come from peer to peer file sharing from this technology came bitcoin.
2. bitcoin is threat to banks,paypal and other shit its like uber to taxi the same.
3. who say banks will work with crypto are huge dumb and uneducated , its like to say peer to peer file sharing will work with few main servers which cannot be, in peer to peer money you are the bank very simple and you dont need any bank or payapl to send and get money they are out of the chain in this game.
4. like peer to peer file sharing(decentrlzied tech) has became main stream and eat the entire system rather then centralized tech share info where all the info stored on few main servers, the same will be with peer to peer money it will put out the middle man(like the main servers)out of the chain foreverrrrrrr

6. all what i writed here ask expert blockchain and expert economist

the ones that say here banks will work with crypto are so fucking dumb, because in peer to peer you are the bank...

Bitcoinqubit

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Quote from: 1Referee on June 21, 2019, 09:35:59 AM

Quote from: Baofeng on June 21, 2019, 09:13:19 AM

Is this a hint that BAC is looking at crypto as not a competition but rather both ecosystems can exist together? Your thoughts.

I think his hint is that he doesn't mind the direction of the world as in digital money that will be taking over.

The main thing here is that banks won't go away despite a lot of people here thinking they will. Banks can easily adapt to the changed money climate, and they are faster than we are in doing so. In the end, it doesn't really matter what form of money we're using, they just want to make sure they can be part of it and charge fees in the process.

I see a time where banks will be the main entry points to crypto for people. It's convenient, you don't have to wire money to foreign bank, and KYC/AML isn't necessary because your bank has all your information already. I'm sure they'll throw in insurance as well as extra service.

in pper to peer money you are the bank mate hhhhh what bullshit you say its like to saying in peer to peer file sharing you need central server or mix them both ....

peer to peer money dont any banks, payapl and other shit in order to send or get money .

and crypto is threat to banks ask any expert economist....crypto is like uber for taxis it cannot be the other way.

in the moment you said banks will work with crypto you really dont understnd what you output from your mind....its like to say in peer to peer file sharing you need some special server or main servers which technically cannot be.....who dont understand what i explain here read about peer to peer file sharing.

when you say banks will work with crypto its like saying peer to peer file sharing will work with few main servers which technically cannot be ...because in crypto which is peer to peer money you RAE THE BANK FAGGOT , peer to peer money come from peer to peer file sharing.

how much people here are directed in the wrong direction by uneductaed people like you so sad...........

Jhony_Jhony

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Quote from: ?? on ??

Bank of America has already started training their staff about crypto and Bitcoin, they're obviously preparing for the future. These are allies we need, that have sway to keep Bitcoin from ever facing a silly emotionally charged ban in the US.

Ohhh that's great.. if Americans are already prepared for the bitcoin and crypto...this is a good step for Americans..

Money_catcher

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“We want a cashless society,” Moynihan, who heads up the second largest U.S. bank, told attendees at Fortune’s Brainstorm Finance conference.

He pointed out that more than half of all money transactions are already processed electronically, with the rise of cryptocurrencies, and payment systems like PayPal (PYPL), Zelle, and digital wallets.

Nice one Cool

roosbit

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Quote from: Baofeng on June 21, 2019, 09:13:19 AM

https://finance.yahoo.com/news/bank-of-america-brian-moynihan-cashless-society-210717673.html

Is this a hint that BAC is looking at crypto as not a competition but rather both ecosystems can exist together? Your thoughts.

I wouldn't bank on this that the bank has the intention of going crypto in the good spirit of staying up to par with technology, honestly this is more of a business strategy to benefit ~~itself~~ themselves. And as a matter of fact going cashless can mean many things and not exclusive to crypto use .

BTW going digital means laying off some workers(employees) and more money generation for the bank which is more of a win to the bank itself and a lose -win to us as friends and family or ourselves lose our jobs...unless the CEO sees crypto in their banking models.

peter0425

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Quote from: metalglowd on June 24, 2019, 09:21:34 PM

This has a very high impossibility. Why ? The reason is that today still the majority if people don't know the digital currency or payment gateway. They are still accustomed to using cash payments, which of course is still an obstacle.

I don't think that majority of people are still unbank up to this day. The world is evolving, we have the internet and social media to connect us all. Maybe just a few percentage but it doesn't mean that they can't get access, on the contrary we are moving very fast towards a cashless society.

alexmcquee734

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Quote from: Baofeng on June 21, 2019, 09:13:19 AM

Quote

Bank of America (BAC) CEO Brian Moynihan embraced the digital money movement on Wednesday, saying his firm has “more to gain than anybody” from the booming trend of non-cash transactions.

“We want a cashless society,” Moynihan, who heads up the second largest U.S. bank, told attendees at Fortune’s Brainstorm Finance conference.

He pointed out that more than half of all money transactions are already processed electronically, with the rise of cryptocurrencies, and payment systems like PayPal (PYPL), Zelle, and digital wallets.

The banking sector has “already digitized,” Moynihan said on Wednesday. “The business has moved digitally and it will continue to move that way. It’s just figuring out how to add the value.”

https://finance.yahoo.com/news/bank-of-america-brian-moynihan-cashless-society-210717673.html

Is this a hint that BAC is looking at crypto as not a competition but rather both ecosystems can exist together? Your thoughts.

The banking sector has “already digitized,” Moynihan said on Wednesday. “The business has moved digitally and it will continue to move that way. It’s just figuring out how to add the value.”

jake zyrus

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I think the ceo just want an innovation on banks like transactions and payments to cope up with the advancement of the technology. But since it's a bank, of course it would be centralized. Banks are always against in the idea of decentralization. Unlike bitcoin, they still have power over it. It's just "digital" way.

Vishnu.Reang

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One disadvantage with digital currency is that it needs a smartphone to operate. You can get smartphones for as little as $50, but there are a lot of people around the world who can't afford even this small amount. In case the government want to replace physical cash completely, then they should give free smartphones to all the citizens. Or they could link the PoS machines to the fingerprint of each individual and give them permission to transfer their funds by scanning the fingerprint. Anyway... I don't think that it is not practical to eradicate physical cash completely, at least for the next 50 years.

pooya87

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Quote from: metalglowd on June 24, 2019, 09:21:34 PM

This has a very high impossibility. Why ? The reason is that today still the majority if people don't know the digital currency or payment gateway. They are still accustomed to using cash payments, which of course is still an obstacle.

maybe somewhere in Africa that they don't even have electricity but in the rest of the world even in under developed countries, the world is moving towards more digitization and part of it is the usage of "digital" money which consists of digital banking, payment processors, credit cards and recently bitcoin which introduced concept of cryptocurrency and blockchain technology and is becoming more and more popular every day.
of course what this bank means is that they want to get in and create their own centralized blockchain based token.

metalglowd

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This has a very high impossibility. Why ? The reason is that today still the majority if people don't know the digital currency or payment gateway. They are still accustomed to using cash payments, which of course is still an obstacle.

vladimirhf

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we need a bankless society, we need to stop financial parasites that don't produce anything

Sirait

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to be able to create a society without cash it takes a long time and a lot of capital. and certainly, there will be many rejections that occur because we also know that there are still many people who are afraid and reject changes in technology and systems. I personally fully support this because after all people without cash (Cashless Society) are tangible evidence of developing technology.

Lizzylove1

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Banks are realizing they have actually been doing their business a great disservice by been adverse of cryptocurrency. I just hope he will not think of creating a stable coin lile JP Morgan, that is if this is what he has in mind by praising cryptocurrncy.

BlackFor3st

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It will benefit the both parties if they will embrace crypto currencies legally but I am hesitant whether the other parties will accept crypto currencies.
Cashless can be defined also by using atm card, visa and other card that are issued by the banks.

But I am still hoping that most of the countries will adapt and legalize crypto currencies in the future.

MonsterV

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Maybe they will be more interested in digital currencies like libra later. Yes, I understand their intentions, they want all transactions to be done in non-cash so that the bank gets a commission from the payment. But I'm sure in the future the blockchain will be the adoption of all digital currencies.

Pursuer

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Where is my ring of blades...

the statement is missing a small part which is: "a cashless society .... that we fully own and control....". they are not going to let people throw them away and go to bitcoin since they can not control or own bitcoin thanks to its decentralized nature. so their goal is to have more centralization introduced into the system which they can increase their control and prolong their life some more without becoming obsolete this fast because they fell behind the technologies and the advances that the world is making.

jonaire99

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Some wealthy countries has been using cashless transaction by turning the fiat into digital money. Atm, credit or debit card and others was already the norm of transactions for these countries. But it is better to use bitcoin rather than the digital fiat that controlled by the banks because it is decentralized and can't manipulate by the banks and governments. The coming of cashless society is inevitable but not all countries are prepared for it.

shield132

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Quote from: Baofeng on June 21, 2019, 09:13:19 AM

Quote

Bank of America (BAC) CEO Brian Moynihan embraced the digital money movement on Wednesday, saying his firm has “more to gain than anybody” from the booming trend of non-cash transactions.

“We want a cashless society,” Moynihan, who heads up the second largest U.S. bank, told attendees at Fortune’s Brainstorm Finance conference.

He pointed out that more than half of all money transactions are already processed electronically, with the rise of cryptocurrencies, and payment systems like PayPal (PYPL), Zelle, and digital wallets.

The banking sector has “already digitized,” Moynihan said on Wednesday. “The business has moved digitally and it will continue to move that way. It’s just figuring out how to add the value.”

https://finance.yahoo.com/news/bank-of-america-brian-moynihan-cashless-society-210717673.html

Is this a hint that BAC is looking at crypto as not a competition but rather both ecosystems can exist together? Your thoughts.

Despite the fact that I love digital technologies, everything has it's pros and cons. I don't prefer cashless society and one main argument is that they want it. And guess what government wants? To have control over people and digital transactions are best for them to know where and how we spend our money + how we get it. They can easily freeze your bank account if something happens but can do nothing to your cash and bitcoin. The fact that they say how welcome growth of bitcoin is, can be considered as masked lie. Cash is and will always be needed to leave ourselves some control on our money without technologies.

EdenHazard

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But it doesn't mean cryptocurrency will be used as payment system for all forms of transaction. I doubt cryptocurrencies be used as payment system since the price of them still have volatile. There is no merchant who will accept it, they will think cryptocurrencies is so risky to be accepted. However, I guess the merchant will be easily accept the stable coin like USDT, TEATHER or LIBRA coins as a tool of payment system since those prices are not volatile. The cashless society will be happen soon, since many of facility to support it, such as you can buy everything with online.

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