Bank of America gets blocked in blockchain evolution!
Hundreds of patents on blockchain technology
Bank of America CEO, Brian Moynihan testified at the World Economic Forum in Davos about the work Bank of America has been doing the last year to integrate blockchain technology and digital currencies into the company’s business plan. He said that hundreds of patents have been deposited already regarding blockchain technology and crypto currencies.
Problems with the SEC
There’s one big problem for Moynihan’s company, the Security and Exchange Commission is blocking every attempt to integrate blockchain applications into the payment processes.
The SEC even literally said to Bank of America that they don’t want that the bank creates the possibility for customers to come in contact with crypto currencies.
Moynihan is very disappointed about this blockage by the SEC. He sees the need for the incorporation of the technology in modern banking. But the SEC doesn’t even want to consider it, he says.
Incorporate it or die
In my opinion, Moynihan is right and will modern banks have to incorporate blockchain technology into their structure or they will eventually die. It is the future of banking and he knows that. Every day they lose in this race is a step backwards. I am curious when the change eventually will occur. The SEC will have to go overboard… but when?