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Bank of America CEO Brian Moynihan announced that they are preparing to issue a cryptocurrency (stablecoin) tied to the US dollar if the legal infrastructure is provided. The CEO said, “It will be a stablecoin, quite clearly. It will be completely backed by the dollar… it is no different than a bank account.”
On the other hand, it was noted in the interview that cryptocurrencies and digital strategies were also evaluated in terms of the global competitiveness of the United States. Comments that Bitcoin could be considered a strategic asset and that there was a consensus on this issue in some units of the US military were also included in the interview.
The interview also noted that, contrary to critics such as JPMorgan CEO Jamie Dimon's approach to crypto investments as a waste of resources, some generals in the US military have emphasized the importance of strategic digital assets such as Bitcoin, especially in Southeast Asia.
Compared to companies like JP Morgan and Citigroup, Bank of America has been cautious about entering the crypto space, but changing regulations could change the bank’s stance.
The Trump administration has made it clear that it will support all efforts in the crypto space. This support will come in part through clearer regulatory guidelines, which will increase competition among Wall Street banks in the sector. Charles Schwab, another bank that had previously been hesitant in the field, has opened a position as head of digital assets to evaluate opportunities in the field.
*This is not investment advice.