Holpop News

Bank of America (BoA) CEO Brian Moynihan said the company has many patents on blockchain technology, but the institution can’t use them because of regulatory concerns.
“The reality is that we do payment business on our platform. It’s trillions of dollars a day, and almost all of it is digital. If you think about blockchain, we have hundreds of patents on blockchain as a process, as a tool and as a technology. But frankly, we can’t work with it. Because we’re regulated, and the regulators have forbidden us to do it. They said, ‘You have to ask us before you work with blockchain, and by the way, you don’t even have to ask us,’ was the tone,” he said.
However, Moynihan said BoA’s research team is already working on introducing cryptocurrency transactions and the bank will be ready to start working in the industry as soon as there is proper regulation.