Topic: CEO of Bank of America: “We Want a Cashless Society” - page 4. (Read 8783 times)
He did not mention using the Blockchain platform to create its currency, so this statement is not a positive statement to Crypto. If they develop their blockchain platform, it may be Stablecoin so don't be too excited about this event. That will not affect Crypto positively.
Ironically I'm finding it harder to pay by credit card at the moment. Several of the systems seem to fail regularly, and many smaller shops and cafes are starting to become cash only. They state that Visa charges are too high.
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 is always looking for ways where they can cut cost, enhance profitability and just ride any innovation that can ensure that banks survive into the future. I am predicting that banks will be adopting to what they feel to be legitimate and viable technologies around.
Now, does it mean they gonna adopt the cryptocurrency movement? Probably yes, but not quite aligned with the way we think they will. What I mean is that banks can also introduce their own cryptocurrency if they want and I think there is now a consortium of banks experimenting with this...all of these developments are of course pointing to the cashless society which is now partly happening.
Is this a hint that BAC is looking at crypto as not a competition but rather both ecosystems can exist together?
I'm pretty sure that when Moynihan said "We want a cashless society", I don't think he was automatically referring to cryptocurrencies. Like what it says on the article, cashless and digital also includes non-cryptocurrency platforms like PayPal and such. There's a good chance that he's referring to countries like Sweden whereas transactions are pretty much mostly through credit/debit cards and non-crypto mobile payment platforms.
Banks cannot eliminate the existence of cryptocurrencies and the more they are being regulated doesn’t show a single sign that crypto will go to extinction, what is happening is the opposite so if something they hate cannot be terminated then they must think of ways to go with it and benefit from it.
You always have to take what the banks say with a grain of salt. 
They are bankers after all and will want the digital currency to belong to them and under their rules. So whatever it comes down to they wont want it to be a decentralized cashless society like what the major of cryptocurrenies are striving towards in the first place.
They are bankers after all and will want the digital currency to belong to them and under their rules. So whatever it comes down to they wont want it to be a decentralized cashless society like what the major of cryptocurrenies are striving towards in the first place.
I believe this CEO wants to to use their online options to make the the banking transactions and international transactions.
Even we have heard these kind of words in my country also but perform anything about cryptocurrency and all.just want to make the transactions via online third party merchants.
Banks will never support cryptocurrencies in this era. Maybe after some years we may expect it.
Even we have heard these kind of words in my country also but perform anything about cryptocurrency and all.just want to make the transactions via online third party merchants.
Banks will never support cryptocurrencies in this era. Maybe after some years we may expect it.
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.
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.
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