Yes, I think classical money and digital currencies will exist in parallel. At least now cryptocurrencies are accepted in many places as a means of payment. Cash can not disappear completely, but the percentage of their circulation can be significantly reduced.
Many bank are making a statement like this, they are feeling it that they can no longer stop cryptocurrency and that’s why they have to adopt and support it to save their company. Yes, fiat money will never be gone because its a currency of every country, but in the future the transactions will be more digitalized where banks and cryptos are both working together, under the blockchain technology. 
Topic: CEO of Bank of America: “We Want a Cashless Society” - page 2. (Read 8783 times)
I wouldn't be surprised if this actually happens anytime in the future coz it seems that a 'cashless society' is where the world's monetary system is headed considering the booming of digital currency lately or even via wireless transactions on line. Certainly it seems that the need for cash is diminishing bit by bit as the economy is gearing towards a more advanced digital age.
Yes, this news looks very optimistic at first glance. But there are also pitfalls. As people wrote above, banks most likely just want to use crypto for their purposes, they want it to belong to them. So I don't even know if we should be happy about the news.
I think this CEO of bank of America just wants to have some incentives or beneficiaries from cryptocurrency. They really can't get hold of cryptocurrency and they can't make it theirs that is probably why even though they want to take control of it, they can't do anything but resort to just wanting some benefits.
Who wouldn't? Banking system is a business, so definitely the CEO wanted to tell the world that "hey we love cash less society so we can also take crypto as well". At the end of the day those bankers will slowly ride the hype because people are now going into crypto. And as other who are into this market, money talks so it's better to include it as well and have a slice on this billionaire dollar 'internet money'. 
I think this CEO of bank of America just wants to have some incentives or beneficiaries from cryptocurrency. They really can't get hold of cryptocurrency and they can't make it theirs that is probably why even though they want to take control of it, they can't do anything but resort to just wanting some benefits.
Yes, I think classical money and digital currencies will exist in parallel. At least now cryptocurrencies are accepted in many places as a means of payment. Cash can not disappear completely, but the percentage of their circulation can be significantly reduced.
This is very interesting, because when this happens the shift of transactions from physical transactions to digital transactions that occur in almost in all segments of the business so inevitably the world of banking should follow the trend intended to develop its business. In addition, it can reduce the cost for the printing of paper money or metal so it is more efficient with digital money.
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.
You are just interpreting the news the way you would like it.
Banks want to do more credit card payments because.
A. They make money on every transactions
B. They harvest data and then use it to profit.
Banks are really interested in introducing non-cash forms of payment, but they are not at all interested in the development of cryptocurrency. They will provide services in cryptocurrency only if it is economically advantageous to them.
In this case, the representative of the bank says in general about non-cash forms of payment, because banks are actually completely engaged in cashless payments, a full transition to non-cash payments will provide them with a constant good profit.
In this case, the representative of the bank says in general about non-cash forms of payment, because banks are actually completely engaged in cashless payments, a full transition to non-cash payments will provide them with a constant good profit.
Banks have never stated they are against crypto, they don't hate it and they don't like it either, they say these things just to leave things open, because in both cases either crypto takes over and a cashless society gets established or they crypto dies out, they would be in a position where they follow what is going on, i am a sure as soon as the opportunity of switching to crypt they would support it, but either way if crypto takes over banks even if they don't support it they would still survive since a bunch of people would still prefer fiat.
What they want is people to use digital forms of the fiat currency, such as PayPal and Visa so that they could keep a watch on each and every financial transaction made by the citizens. Doesn't take these statements as an approval for cryptocurrency. If it was possible, they could have banned cryptocurrency long ago. But the American bankers and authorities are not as stupid as the Indian authorities and they know that it is impossible to ban crypto.
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.
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.
I really like Bank of America now. It's pretty obvious that is the right direction in terms of future possible results and the fastest way of pushing humanity forward in the progress perspective.
And i agree with you, it will be the main entry point for the masses. Some that think like us will take care of their own things most likely but i believe that even some if not a lot of us will consider banks seriously if they offer an attractive interest rate.
In the context of what the Director General has said, there is no spirit of competition.He's just stating the obvious.In principle, we can already say that a cashless society exists.Cryptocurrency just make that society more interesting.
interesting comments from the CEO of BAC, whether "cashless" can be interpreted as Cryptocurrency freedom. so far the banking rules are bound by government regulations, whether the government will allow the use of cashless based cryptocurrency. currently US is a reference for the global economy, various US decisions on the cryptocurrency use will be a pilot for economic models in other countries.
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.
I was expecting major banks to reject the idea of bitcoin and crypto but this was very surprising. Because in my country, majority of banks owners here has taught their staff to deny customers who transact btc and other altcoins. I guess the second bitcoin boom that is in the limelight is their turning point. The first is they were still denying it's existence but this time is they are finally embracing it.
Cashless society is indeed valued better than conventional economics, where every transaction is still dominated by fiat money, of course it is still considered ineffective because it is considered less practical and efficient. It is different from a cashless society in which people do not use cash as their means of payment by using mobile banking technology or even crypto currency which is considered very practical because we do not need to carry large amounts of money but only need a smart phone that is connected to the network.
I think he is just saying this because we are in the digital era already.
He knows that most of the tools we are using right now is already digital. From phones, to different home things to sending money. Its already digital. This doesn't mean that cashless society = cryptocurrency although crypto helped also in how we send money to other people already including Paypal and different payment apps.
He knows that most of the tools we are using right now is already digital. From phones, to different home things to sending money. Its already digital. This doesn't mean that cashless society = cryptocurrency although crypto helped also in how we send money to other people already including Paypal and different payment apps.
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.”
“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 CEO of Bank of America is advocating for a cashless society, but how will he support bitcoins and other crypto’s as they’re not legal yet. It’s not just BAC all banks have realised they need to support crypto’s in the long run, and find a way to monetise them. What I think may happen is each bank will act like a exchange, and charge withdrawal and receiving fees and in turn make lots of money.
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.”
“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 CEO of Bank of America is advocating for a cashless society, but how will he support bitcoins and other crypto’s as they’re not legal yet. It’s not just BAC all banks have realised they need to support crypto’s in the long run, and find a way to monetise them. What I think may happen is each bank will act like a exchange, and charge withdrawal and receiving fees and in turn make lots of money.
The increase of cryptocurrencies and its blockchain really can influence the financial systems. This bank, may not fully change into the digital currency like crypto, but, it will be about a half. Very interesting.
So far, only a few banks that support and continue to use this system, however, as the times pass, the banks will consider moving to digital currency. Hopefully, this can lead other countries to follow. But, will the bank will also accept the other cryptocurrencies?
So far, only a few banks that support and continue to use this system, however, as the times pass, the banks will consider moving to digital currency. Hopefully, this can lead other countries to follow. But, will the bank will also accept the other cryptocurrencies?
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