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?
We’ll see…
Sincerely,
Pele23
I think SEC have already aware of the danger. Blockchain might terminate the current economic system.
Funny as COTI is a bank and have no problems and are working with the regulators. Maybe because they are a crypto bank they are taken more seriously which is great news. I think the Bank of America maybe seen as breaking the ranks and that is seen as treason.
It could be the difference between a major bank that deals with the Federal Reserve. So there are more things that BOA can do based on it's ability to collateralize those bonds given to the Fed for QE.
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With the blockchain, there goes SWIFT and USD dominance, and any possibility for sanctions.
If blockchain takes hold and remain decentralized, they may have to declare war on internet altogether.
Adoption will likely come in phases as the Internet and personal computers did. I consider crypto a emerging technology and expect that over time the way that it is adopted and how it is used will continue to be dynamic for several more years. As big business gets involved, we will get better, but more centralized tools. Pros and Cons of adoption.
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It's a slow process and I don't really think the SEC will really support the crypto efforts. I remember JPMorgan talking about supporting crypto a while ago and I wonder if they got hit with the same statements.
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