CEO of Bank of America: “We Want a Cashless Society”

[Baofeng]

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.”

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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[1Referee]

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.

[jvdp]

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.

[rdbase]

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.

[bitcoindusts]

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.

[mk4]

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.

[CryptoBry]

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.

[Jet Cash]

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.

[blueteam09]

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.

[dothebeats]

A banker with actually good intentions for crypto? This seems to be new in my books, although I must say that he is correct. Most things are already digitized, and if cash were to follow next then I guess we're on the right direction already, starting from Paypal up to cryptocurrencies. Good thing one with enough reason and is sane enough to know that there are always two sides of a coin--even if belonging to the group bitcoin despises most--speaks the truth and not just all bias just to support their organization.

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.

Yes, it happens every so often, and that, I think, is where bitcoin and cryptocurrencies might come in handy if you don't have those cash with you at all times.

[jackg]

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.

Yes, visas payment services are constantly failing. Its what happens when you have little competition and charge £4.90 a card...
If you pull money out at a cash machine then it's normally the best way to go as LINK is much less likely to be down... I keep facing issues with my contactless card and phone not being recognised by the machine...


Banks have an enemy in cash because if you have a number on your account you're more likely to spend, more likely to not use cash so the banks get bigger due to a lack of Deflation from burnt money and an incentive to not have it backed by anything...

[serjent05]

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.

Same thought.  I believe the cryptofanatics do not have a reason to celebrate on this statement.  They are more incline to use VISA, CC,Paypal and other method of online payment than cryptocurrency unless this cryptocurrency are self made by the state.  Cryptocurrency especially Bitcoin is yet to be proven and needs alot of improvement to scale against this major online payment sytem.

[rosezionjohn]

Is this a hint that BAC is looking at crypto as not a competition but rather both ecosystems can exist together? Your thoughts.

Centralized crypto just like the JPM coin maybe but not the decentralized cryptos. Those American banks will remain hostile to bitcoin and other major cryptocurrencies.

[franky1]

what people do not realise is this.

1. banks are not the government, they are businesses
2. governments make banks notes for pennies and banks buy the bank notes at face value which puts funds into the treasury. without bank notes the treasury gets less. meaning the treasury will need to offset this via tax increases.
3. banks create value digitally by getting people to sign mortgage/credit agreements.
4. banks want to continue creating value but at less cost to themselves. and at an increased cost to taxpayers and bank users

the advantage crypto has for banks is that the banks can cut staff, shut local bank branches and not have to have large server farms.. but none of this benefits or changes the bank customers experience of banking (take LN as an example, require co-authorisation and opening hours)

[shinharu10282016]

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.

I agree with you on all the things you've said especially the KYC and AML. People will technically abide by the law and not think about anything except if they are paying their taxes.

CEO of Bank of America could've seen wonders on the current situation of blockchain technology.

[XCANA]

What i love about the article is the fact that the CEO of Bank of America is: no matter which way are to go, we will definitely go, in as much we are going along the cashless society. Hey!!!, they have come to their right sense that, they can no longer act as a threat to the world of cryptocurrency rather allow it to grow. We have won the battle with the government.

[kryptqnick]

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.”

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.

There is not enough information to make reasonable conclusions out of the article. It might be, of course, that the guy is all supportive of innovations and stuff, but he does not say that he is against fiat or that he actually supports cryptocurrencies. Maybe he just wants the bank to make even more money on transaction and maintenance fees that customers pay, you know. In fact, it's actually very likely that he meant the latter, 'cause if you try to google his name and the word 'crypto', you get articles from 2018 when he said that this market is dangerous and should be regulated.

[AjithBtc]

One day the coexistence of fiat system and cryptocurrency will take place. As a beginning more large scale firms have begun to have their own blockchain as well have partnered with other companies that function completely on blockchain. Already the world is getting chnaged to be a cashless society with majority of the transactions happening through mobile wallets that can be accessed with ease. Understanding the need of the people CEO of Bank of America might have come forward with the statement.

[squatter]

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.

Cryptocurrency doesn't have to be direct "competition" for retail and investment banks. Maybe it is for central banks who issue their own currency, but not so much for depository institutions like Bank of America. They don't care what currency you use; they just want to find a way to monetize it. People wanted Venmo, so the banks created Zelle. If people start using cryptocurrency, they'll create depository accounts and an internal network for instant payments that cuts out fees. There will always be a niche for this because people want convenience and ease of use -- even if it is antithetical to what Bitcoin is.

[BitHodler]

As long as people only use Bitcoin as store of value and an investment tool, banks and governments don't see it as competition, therefore they will tolerate it to some degree and I think we should be happy with that.

I strongly believe that if people would use Bitcoin as a currency, and it also scaled to onboard hundreds of millions of people, governments would have gone full nuts against it.

Fiat as stable token and crypto will harmoniously complement each other. Bitcoin doesn't scale and probably never will to the aforementioned degree. We need something else as day to day currency.

[peter0425]

Bank of America has already started training their staff about crypto and Bitcoin, they're obviously preparing for the future. These are allies we need, that have sway to keep Bitcoin from ever facing a silly emotionally charged ban in the US.

If this is true then this is welcoming news as other banks are really shunning away if they heard that one of your source of income is crypto. I remember one thread here saying that this xxx bank didn't allow them to open accounts they put the word 'crypto' in their application.

[bitbunnny]

Many banks want cashless society but that doesn't necessary mean crypto society too. Many banks are developing services that avoid cash flow and you can do all your business with banks online and with virtual cards etc.
Still very few banks are ready at the moment to accept cryptocurrencies. But with time that will definetely change and sooner or later they will offer crypto based services to their clients.

[RomanPetrush]

Cashless society is Mormons plan with a new world order. And crypto only will help them to do that. If you remember the movie Time, there every person has a time in their hands, thats alternative of crypto.

[pixie85]

Their cashless society is a little different from our cashless society. They would like it because it's easy to monitor transfers. Get rid of all cash and you will get rid of gray and black markets. There will be much harder do do anything off the books.

Our cashless society is more libertarian where people hold their own money and can move and spend it freely. Banks don't want that.

[Reid]

That should have been how they think afteer the 1st year of bitcoin being discovered.
Why the hell it took them too long before they could consider it.
This is how the mentality of people are. They wont risk much and stay with the safer method even if all the good things can be seen with the new one.

It will be a sad case though if they will just make it like a copy of Paypal. I want to see them going beyond that.
Crypto is already the answer and they will just need to read the whitepaper of bitcoin for some answers regarding this kind of matter.

[veleten]

their idea of a cashless society is totally different of what we want
their idea is a form of an electronic prison where you can be wiped with a press of a button and controlled every single moment of your life
where all of your data , money etc. is in a database and you won't be able to buy or sell or get a job if you are not on it
or have a bad record , look at the chinese social ranking system , its the reality already

[jhongzjhong]

It's just that they would like to penetrate the digital market but it doesn't mean that they will support cryptocurrency as they will still use fiat.
They could also remove all the fait currencies and replace it with another centralized currency instead. In that case, the decentralized cryptocurrecies will be affected but I am not sure of this. It's just that, it might also happen. Of course, they own the bank and they have to keep their spot at the top. They will do their best to crash all their competitions and cryptocurrency is their antagonist.

[kalstarzz]

since the beginning I have seen that crypto is indeed the newest development that need not be feared to be a competition, even this we really need to support so that this really can coexist, unlike nowadays there are still some people who are worried about crypto.

[Initscri]

I believe in Bitcoin, I don't believe in a cashless society.

The further advancement towards digital payments is actually what scares me.

The only digital payment I'm willing to use is Bitcoin. I don't like everything having a 100% non-anonymous trace (yes, I know BTC isn't 100% anonymous, but it's not comparable to, for example, a credit card), and I feel like the direction of payments is going that way.

[nemey]

The increase of cryptocurrencies and its blockchain really can influence the financial systems. This bank, may not fully change into the digital currency like crypto, but, it will be about a half. Very interesting.
So far, only a few banks that support and continue to use this system, however, as the times pass, the banks will consider moving to digital currency. Hopefully, this can lead other countries to follow. But, will the bank will also accept the other cryptocurrencies?

[Juggy777]

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.”

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.

The CEO of Bank of America is advocating for a cashless society, but how will he support bitcoins and other crypto’s as they’re not legal yet. It’s not just BAC all banks have realised they need to support crypto’s in the long run, and find a way to monetise them. What I think may happen is each bank will act like a exchange, and charge withdrawal and receiving fees and in turn make lots of money.

[poodle63]

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.”

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.

The CEO of Bank of America is advocating for a cashless society, but how will he support bitcoins and other crypto’s as they’re not legal yet. It’s not just BAC all banks have realised they need to support crypto’s in the long run, and find a way to monetise them. What I think may happen is each bank will act like a exchange, and charge withdrawal and receiving fees and in turn make lots of money.

You know what being cashless society doesn't necessarily need to use bitcoin and that's a hard fact to swallow. Let bitcoin be the gold of digital world meanwhile they can make their own currency just like Libre so that those big boys didn't intervene bitcoin so much.

[LogitechMouse]

I think he is just saying this because we are in the digital era already.

He knows that most of the tools we are using right now is already digital. From phones, to different home things to sending money. Its already digital. This doesn't mean that cashless society = cryptocurrency although crypto helped also in how we send money to other people already including Paypal and different payment apps.

[yusupjatigumilar]

Cashless society is indeed valued better than conventional economics, where every transaction is still dominated by fiat money, of course it is still considered ineffective because it is considered less practical and efficient. It is different from a cashless society in which people do not use cash as their means of payment by using mobile banking technology or even crypto currency which is considered very practical because we do not need to carry large amounts of money but only need a smart phone that is connected to the network.

[BLAST2MARS]

Bank of America has already started training their staff about crypto and Bitcoin, they're obviously preparing for the future. These are allies we need, that have sway to keep Bitcoin from ever facing a silly emotionally charged ban in the US.

I was expecting major banks to reject the idea of bitcoin and crypto but this was very surprising. Because in my country, majority of banks owners here has taught their staff to deny customers who transact btc and other altcoins. I guess the second bitcoin boom that is in the limelight is their turning point. The first is they were still denying it's existence but this time is they are finally embracing it.

[Apes]

interesting comments from the CEO of BAC, whether "cashless" can be interpreted as Cryptocurrency freedom. so far the banking rules are bound by government regulations, whether the government will allow the use of cashless based cryptocurrency. currently US is a reference for the global economy, various US decisions on the cryptocurrency use will be a pilot for economic models in other countries.

[alrose]

In the context of what the Director General has said, there is no spirit of competition.He's just stating the obvious.In principle, we can already say that a cashless society exists.Cryptocurrency just make that society more interesting.

[xWolfx]

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.

I really like Bank of America now. It's pretty obvious that is the right direction in terms of future possible results and the fastest way of pushing humanity forward in the progress perspective.

And i agree with you, it will be the main entry point for the masses. Some that think like us will take care of their own things most likely but i believe that even some if not a lot of us will consider banks seriously if they offer an attractive interest rate.

[Vishnu.Reang]

What they want is people to use digital forms of the fiat currency, such as PayPal and Visa so that they could keep a watch on each and every financial transaction made by the citizens. Doesn't take these statements as an approval for cryptocurrency. If it was possible, they could have banned cryptocurrency long ago. But the American bankers and authorities are not as stupid as the Indian authorities and they know that it is impossible to ban crypto.

[Shenzou]

Banks have never stated they are against crypto, they don't hate it and they don't like it either, they say these things just to leave things open, because in both cases either crypto takes over and a cashless society gets established or they crypto dies out, they would be in a position where they follow what is going on, i am a sure as soon as the opportunity of switching to crypt they would support it, but either way if crypto takes over banks even if they don't support it they would still survive since a bunch of people would still prefer fiat.

[Leyss]

Banks are really interested in introducing non-cash forms of payment, but they are not at all interested in the development of cryptocurrency. They will provide services in cryptocurrency only if it is economically advantageous to them.
In this case, the representative of the bank says in general about non-cash forms of payment, because banks are actually completely engaged in cashless payments, a full transition to non-cash payments will provide them with a constant good profit.

[mazdafunsun]

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.

You are just interpreting the news the way you would like it.
Banks want to do more credit card payments because.
A. They make money on every transactions
B. They harvest data and then use it to profit.

[denasha92]

This is very interesting, because when this happens the shift of transactions from physical transactions to digital transactions that occur in almost in all segments of the business so inevitably the world of banking should follow the trend intended to develop its business. In addition, it can reduce the cost for the printing of paper money or metal so it is more efficient with digital money.

[EdvinZ]

Yes, I think classical money and digital currencies will exist in parallel. At least now cryptocurrencies are accepted in many places as a means of payment. Cash can not disappear completely, but the percentage of their circulation can be significantly reduced.

[barlo357]

I think this CEO of bank of America just wants to have some incentives or beneficiaries from cryptocurrency. They really can't get hold of cryptocurrency and they can't make it theirs that is probably why even though they want to take control of it, they can't do anything but resort to just wanting some benefits.

[peter0425]

I think this CEO of bank of America just wants to have some incentives or beneficiaries from cryptocurrency. They really can't get hold of cryptocurrency and they can't make it theirs that is probably why even though they want to take control of it, they can't do anything but resort to just wanting some benefits.

Who wouldn't? Banking system is a business, so definitely the CEO wanted to tell the world that "hey we love cash less society so we can also take crypto as well". At the end of the day those bankers will slowly ride the hype because people are now going into crypto. And as other who are into this market, money talks so it's better to include it as well and have a slice on this billionaire dollar 'internet money'.

[superscommessebitcoin]

Yes, this news looks very optimistic at first glance. But there are also pitfalls. As people wrote above, banks most likely just want to use crypto for their purposes, they want it to belong to them. So I don't even know if we should be happy about the news.

[coinholic]

I wouldn't be surprised if this actually happens anytime in the future coz it seems that a 'cashless society' is where the world's monetary system is headed considering the booming of digital currency lately or even via wireless transactions on line. Certainly it seems that the need for cash is diminishing bit by bit as the economy is gearing towards a more advanced digital age.

[creeps]

Yes, I think classical money and digital currencies will exist in parallel. At least now cryptocurrencies are accepted in many places as a means of payment. Cash can not disappear completely, but the percentage of their circulation can be significantly reduced.

Many bank are making a statement like this, they are feeling it that they can no longer stop cryptocurrency and that’s why they have to adopt and support it to save their company. Yes, fiat money will never be gone because its a currency of every country, but in the future the transactions will be more digitalized where banks and cryptos are both working together, under the blockchain technology.

[EdenHazard]

But it doesn't mean cryptocurrency will be used as payment system for all forms of transaction. I doubt cryptocurrencies be used as payment system since the price of them still have volatile. There is no merchant who will accept it, they will think cryptocurrencies is so risky to be accepted. However, I guess the merchant will be easily accept the stable coin like USDT, TEATHER or LIBRA coins as a tool of payment system since those prices are not volatile. The cashless society will be happen soon, since many of facility to support it, such as you can buy everything with online.

[shield132]

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.”

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.

Despite the fact that I love digital technologies, everything has it's pros and cons. I don't prefer cashless society and one main argument is that they want it. And guess what government wants? To have control over people and digital transactions are best for them to know where and how we spend our money + how we get it. They can easily freeze your bank account if something happens but can do nothing to your cash and bitcoin. The fact that they say how welcome growth of bitcoin is, can be considered as masked lie. Cash is and will always be needed to leave ourselves some control on our money without technologies.

[jonaire99]

Some wealthy countries has been using cashless transaction by turning the fiat into digital money. Atm, credit or debit card and others was already the norm of transactions for these countries. But it is better to use bitcoin rather than the digital fiat that controlled by the banks because it is decentralized and can't manipulate by the banks and governments. The coming of cashless society is inevitable but not all countries are prepared for it.

[Pursuer]

the statement is missing a small part which is: "a cashless society .... that we fully own and control....". they are not going to let people throw them away and go to bitcoin since they can not control or own bitcoin thanks to its decentralized nature. so their goal is to have more centralization introduced into the system which they can increase their control and prolong their life some more without becoming obsolete this fast because they fell behind the technologies and the advances that the world is making.

[MonsterV]

Maybe they will be more interested in digital currencies like libra later. Yes, I understand their intentions, they want all transactions to be done in non-cash so that the bank gets a commission from the payment. But I'm sure in the future the blockchain will be the adoption of all digital currencies.

[BlackFor3st]

It will benefit the both parties if they will embrace crypto currencies legally but I am hesitant whether the other parties will accept crypto currencies.
Cashless can be defined also by using atm card, visa and other card that are issued by the banks.

But I am still hoping that most of the countries will adapt and legalize crypto currencies in the future.

[Lizzylove1]

Banks are realizing they have actually been doing their business a great disservice by been adverse of cryptocurrency. I just hope he will not think of creating a stable coin lile JP Morgan, that is if this is what he has in mind by praising cryptocurrncy.

[Sirait]

to be able to create a society without cash it takes a long time and a lot of capital. and certainly, there will be many rejections that occur because we also know that there are still many people who are afraid and reject changes in technology and systems. I personally fully support this because after all people without cash (Cashless Society) are tangible evidence of developing technology.

[vladimirhf]

we need a bankless society, we need to stop financial parasites that don't produce anything

[metalglowd]

This has a very high impossibility. Why ? The reason is that today still the majority if people don't know the digital currency or payment gateway. They are still accustomed to using cash payments, which of course is still an obstacle.

[pooya87]

This has a very high impossibility. Why ? The reason is that today still the majority if people don't know the digital currency or payment gateway. They are still accustomed to using cash payments, which of course is still an obstacle.

maybe somewhere in Africa that they don't even have electricity but in the rest of the world even in under developed countries, the world is moving towards more digitization and part of it is the usage of "digital" money which consists of digital banking, payment processors, credit cards and recently bitcoin which introduced concept of cryptocurrency and blockchain technology and is becoming more and more popular every day.
of course what this bank means is that they want to get in and create their own centralized blockchain based token.

[Vishnu.Reang]

One disadvantage with digital currency is that it needs a smartphone to operate. You can get smartphones for as little as $50, but there are a lot of people around the world who can't afford even this small amount. In case the government want to replace physical cash completely, then they should give free smartphones to all the citizens. Or they could link the PoS machines to the fingerprint of each individual and give them permission to transfer their funds by scanning the fingerprint. Anyway... I don't think that it is not practical to eradicate physical cash completely, at least for the next 50 years.

[jake zyrus]

I think the ceo just want an innovation on banks like transactions and payments to cope up with the advancement of the technology. But since it's a bank, of course it would be centralized. Banks are always against in the idea of decentralization. Unlike bitcoin, they still have power over it. It's just "digital" way.

[alexmcquee734]

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.”

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.

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.”

[peter0425]

This has a very high impossibility. Why ? The reason is that today still the majority if people don't know the digital currency or payment gateway. They are still accustomed to using cash payments, which of course is still an obstacle.

I don't think that majority of people are still unbank up to this day. The world is evolving, we have the internet and social media to connect us all. Maybe just a few percentage but it doesn't mean that they can't get access, on the contrary we are moving very fast towards a cashless society.

[roosbit]

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.

I wouldn't bank on this that the bank has the intention of going crypto in the good spirit of staying up to par with technology, honestly this is more of a business strategy to benefit itself themselves. And as a matter of fact going cashless can mean many things and not exclusive to crypto use .

BTW going digital means laying off some workers(employees) and  more money generation for the bank which is more of a win to the bank itself and a lose -win to us as friends and family or ourselves lose our jobs...unless the CEO sees crypto in their banking models.

[Money_catcher]

“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.

Nice one

[Jhony_Jhony]

Bank of America has already started training their staff about crypto and Bitcoin, they're obviously preparing for the future. These are allies we need, that have sway to keep Bitcoin from ever facing a silly emotionally charged ban in the US.

Ohhh that's  great.. if Americans  are already prepared  for the bitcoin and crypto...this is a good step for Americans..

[Bitcoinqubit]

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.

in pper to peer money you are the bank mate hhhhh what bullshit you say its like to saying in peer to peer file sharing you need central server or mix them both ....

peer to peer money dont any banks, payapl and other shit in order to send or get money .

and crypto is threat to banks ask any expert economist....crypto is like uber for taxis it cannot be the other way.

in the moment you said banks will work with crypto you really dont understnd what you output from your mind....its like to say in peer to peer file sharing you need some special server or main servers which technically cannot be.....who dont understand what i explain here read about peer to peer file sharing.

when you say banks will work with crypto its like saying peer to peer file sharing will work with few main servers which technically cannot be ...because in crypto which is peer to peer money you RAE THE BANK FAGGOT , peer to peer money come from peer to peer file sharing.

how much people here are directed in the wrong direction by uneductaed people like you so sad...........

[Bitcoinqubit]

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.”

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.

1. peer to peer money which called crypto come from peer to peer file sharing from this technology came bitcoin.
2. bitcoin is threat to banks,paypal and other shit its like uber to taxi the same.
3. who say banks will work with crypto are huge dumb and uneducated , its like to say peer to peer file sharing will work with few main servers which cannot be, in peer to peer money you are the bank very simple and you dont need any bank or payapl to send and get money they are out of the chain in this game.
4. like peer to peer file sharing(decentrlzied tech) has became main stream and eat the entire system rather then centralized tech share info where all the info stored on few main servers, the same will be with peer to peer money it will put out the middle man(like the main servers)out of the chain foreverrrrrrr

6. all what i writed here ask expert blockchain and expert economist

the ones that say here banks will work with crypto are so fucking dumb, because in peer to peer you are the bank...