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

[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.