Bank of America now treats BTC and ETH as Cash

[7788bitcoin]

Reportedly US Banks are going the treat Bitcoin (BTC), Ethereum (ETH), and all crypto purchases same as Cash. In the crypto economy, this move is going to be a milestone.

What difference does it make if they treat bitcoin and ethereum as cash. Are they doing it so that the government could identify these transaction so that you will be able to pay the taxes for every transactions you make with the bank to any exchanges ?. Apart from these i do not see any milestone as i am bound to pay my tax if i am converting the bitcoin to cash and i was doing that for the past few years.

[verita1]

Crypto Blogs have been talking about it.
This news for the crypto community is of interest, we would love for banks to allow bitcoin and other crypto in our banking transactions.
https://blockchain.news/news/bank-america-bitcoin-crypto-transactions-equivalent-cash

But after that, we will see how the government implements taxes for these new financial transactions that will become part of the local economy.

The United States already requires adding these new digital assets. As we know, it is among the first countries in the world that its citizens use the most bitcoin.
https://cointelegraph.com/news/new-study-reveals-countries-with-most-registered-crypto-exchanges

[Debonaire217]

Reportedly US Banks are going the treat Bitcoin (BTC), Ethereum (ETH), and all crypto purchases same as Cash. In the crypto economy, this move is going to be a milestone.

What difference does it make if they treat bitcoin and ethereum as cash. Are they doing it so that the government could identify these transaction so that you will be able to pay the taxes for every transactions you make with the bank to any exchanges ?. Apart from these i do not see any milestone as i am bound to pay my tax if i am converting the bitcoin to cash and i was doing that for the past few years.

Maybe part of the growing bitcoin adoption. Let see, because there's tons of possibility that government want to somehow regulate cryptocurrency, but this doesn't directly mean bad for crypto, because in the first place, they cannot really interfere with blockchain and bitcoin in its technical aspects. What I find as a subject to government's regulation are the local exchanges because local exchanges should follow rules, laws, and regulations, thus people might pay taxes in the future through bitcoin conversion using these exchanges.

Going back, the statement of bitcoin and ethereum treated as cash is quite impossible, via definition

money in coins or notes, as distinct from checks, money orders, or credit.

crypto has no physical tokens that has value.

[n0ne]

Bank of America is one among the top rated financial service provider. Treating of bitcoin and ethereum as cash by one of the leading Bank shows the growth in terms of acceptance and adoption. This will serve as a base for banks operating around the globe to give importance to cryptocurrency as cash. Everything is associated with technology, if it is a bank transaction or a transaction through the blockchain. The efficiency and the effectiveness on operation is the one that decides the adoption of cryptocurrencies or the usage of traditional systems.

[rodskee]

Bank of America is one among the top rated financial service provider.

No doubt with them starting this, there's a major impact inside banking industry.

Treating of bitcoin and ethereum as cash by one of the leading Bank shows the growth in terms of acceptance and adoption.

For sure it will be a good start expecting for more wide acceptance and adoptions
it's so nice to see how future can be.

This will serve as a base for banks operating around the globe to give importance to cryptocurrency as cash.

The appreciation of crypto will be more successful as banking system are now
into the business.

Everything is associated with technology, if it is a bank transaction or a transaction through the blockchain.

Precisely, and more will become interested to use this chain.

The efficiency and the effectiveness on operation is the one that decides the adoption of cryptocurrencies or the usage of traditional systems.

Success from this big bank will be a good basis for more banking business
to consider and start embracing crypto.

[Eugenar]

You don't even include the source, so I think it's not a legit information. I dont know that it would be okay to treat crypto as a safe cash because of its volatility. Imagine if you are going to use your bitcoi to purchase things you want but you have to wait first for the bitcoin inflation before you purchase it so you wouldnt lose huge amount of money. There would be no bitcoin user that will spend their assets when the price of the bitcoin is low because thats a big lost.

[erikoy]

You don't even include the source, so I think it's not a legit information. I dont know that it would be okay to treat crypto as a safe cash because of its volatility. Imagine if you are going to use your bitcoi to purchase things you want but you have to wait first for the bitcoin inflation before you purchase it so you wouldnt lose huge amount of money. There would be no bitcoin user that will spend their assets when the price of the bitcoin is low because thats a big lost.

This is what I have also in my mind that there should be a news or blog that could support this claim. Pretty sure US government will likely to contradict in this because bitcoin or cryptocurrency is not yet been approved by the government and it is up to the community to use it like a cash.

Well, most of us here are hoping that one day btc will use and treated as cash. It is good to have choices rather than just using fiat currency alone to do all the exchanges between products and services.

[rexxarofmoknathal]

Reportedly US Banks are going the treat Bitcoin (BTC), Ethereum (ETH), and all crypto purchases same as Cash. In the crypto economy, this move is going to be a milestone.

If what you're saying is indeed accurate then this surely will be a great step forward. However, I do have my own doubts about this.

There's no link to any evidence suggesting this, and to be honest this does sound too good to be true. The pure fact that all of these cryptos have large market volatilities means that they're no way ready to be considered on a similar league to cash.

[Wesleyeric]

I’m so much happy on this, I hope other banks will do the same in future, this is a great  plus in the bitcoin world. It of great important that everyone should have in

[Sadlife]

With Fidelity, Goldman Sachs and other big companies transferring their wealth due to the imminent financial crisis. Im expecting it to blow up within the next year, and reach new all time highs, according also to stock to flow model, it could easily get into a $100,000.
Thanks to the help of the FED with their marketing strategy and trillions of money printing.

[bitcoin31]

You should better to give us a proof of what you are news you get or maybe you created that news only without a soild proof or it meansfake news.
Cash is non volatile and people are used it everyday, for the bitcoin and ethereum we already knew that is volatile or price is unpredictable or price might be changes.

The question about this is if it's really happen how it's works? because cash and crypto are really different to each other but the same with this two is we can both use it to buy item or purchasing what ever you want.

[yhiaali3]

I do not think that this news is true, you should have put the source of this news, however, there is still no official acceptance of cryptocurrencies in America or in other countries except for some few cases, I am optimistic that this will be true one day, but even Now I think that such news is incorrect and it is preferable not to publish such news if you are not sure that it is true.

[lepbagong]

I do not think that this news is true, you should have put the source of this news, however, there is still no official acceptance of cryptocurrencies in America or in other countries except for some few cases, I am optimistic that this will be true one day, but even Now I think that such news is incorrect and it is preferable not to publish such news if you are not sure that it is true.

indeed the news is very good and of course it can be encouraging because of the convenience, but it is true that you say that if there is no news link from a reliable source maybe people will also have a lot of questions because it does not match the facts that we have been with about crypto in the US in general.
I hope this news is true, it will have a good impact on other countries that have not trusted crypto as a legitimate and recognized exchange tool.

[shoreno]

I do not think that this news is true, you should have put the source of this news, however, there is still no official acceptance of cryptocurrencies in America or in other countries except for some few cases, I am optimistic that this will be true one day, but even Now I think that such news is incorrect and it is preferable not to publish such news if you are not sure that it is true.

indeed the news is very good and of course it can be encouraging because of the convenience, but it is true that you say that if there is no news link from a reliable source maybe people will also have a lot of questions because it does not match the facts that we have been with about crypto in the US in general.
I hope this news is true, it will have a good impact on other countries that have not trusted crypto as a legitimate and recognized exchange tool.

at first im also going to believe this because the op does not provide a proof but other users provide some links although it does not came from a reliable source but scanning above i have seen some new links that came from crypto news site . https://bitcointalk.org/index.php?topic=5259684.msg54845300#msg54845300

i guess its really true that banks on america are treating cryptos well  . this is a big step to them but  i hope that thier governments will be next to treat cryptos the same

[yhiaali3]

at first im also going to believe this because the op does not provide a proof but other users provide some links although it does not came from a reliable source but scanning above i have seen some new links that came from crypto news site . https://bitcointalk.org/index.php?topic=5259684.msg54845300#msg54845300

i guess its really true that banks on america are treating cryptos well  . this is a big step to them but  i hope that thier governments will be next to treat cryptos the same

I read the news in the source here:
https://blockchain.news/news/bank-america-bitcoin-crypto-transactions-equivalent-cash

However, I am not quite sure because it is written:

An image posted on social network Reddit showed a possible change in credit card terms and conditions of Bank of America regarding cryptocurrencies such as Bitcoin (BTC).

Bitcoin, Ethereum, Litecoin, and other cryptocurrencies were mentioned to be treated as “cash advance,” according to the image of the letter that was posted briefly before it was taken down on Twitter.

This means that this photo was posted by a Reddit member and the image was deleted by Twitter, if the news is true, why would Twitter delete the image? So we cannot be completely sure unless there is official news from one of the official government websites.

[witcher_sense]

What does it mean, they treat Bitcoin as cash? Haven't they read Satoshi Nakamoto whitepaper? It is clearly stated there bitcoin is peer-to-peer electronic cash system. Bitcoin is basically software that works as intended and serves for specific purposes. It cannot be classified by Bank of America, because it simply doesn't care what they say regarding its purposes or functions. If it is programmed to become electronic cash, it will be so, electronic cash.

Apparently, this news posted on Reddit is fake, because Bank of America consider bitcoin and cryptocurrencies a threat to current monetary system.

Bank of America's brief mentions of cryptocurrencies as risk factors – first spotted by the Financial Times – hardly signal panic. The bank describes three ways in which cryptocurrencies could pose a threat. The first two implicitly denigrate the new assets. "Emerging technologies, such as cryptocurrencies, could limit our ability to track the movement of funds," the filing says, making it harder for Bank of America to comply with know-your-customer and anti-money-laundering regulations.  

 "Further," the bank writes, "clients may choose to conduct business with other market participants who engage in business or offer products in areas we deem speculative or risky, such as cryptocurrencies."

The third risk factor, however, does not derive from cryptocurrencies' legal complications or flighty customers' susceptibility to bubbles. It derives from bitcoin's ability to bypass intermediaries:

    "Additionally, the competitive landscape may be impacted by the growth of non-depository institutions that offer products that were traditionally banking products as well as new innovative products. This can reduce our net interest margin and revenues from our fee-based products and services. In addition, the widespread adoption of new technologies, including internet services, cryptocurrencies and payment systems, could require substantial expenditures to modify or adapt our existing products and services as we grow and develop our internet banking and mobile banking channel strategies in addition to remote connectivity solutions."

https://www.investopedia.com/news/bank-america-calls-cryptocurrencies-risk-its-business/

[DatKing]

Reportedly US Banks are going the treat Bitcoin (BTC), Ethereum (ETH), and all crypto purchases same as Cash. In the crypto economy, this move is going to be a milestone.

It doesn't seem to me as logical. Why the hell US banks would treat Bitcoin and Ethereum as cash? They are not fiat, they are cryptocurrencies. As long as the news is not proven, I will consider it as fake news.

[EMV]

I think this news is nonsense. No Bank in the world has equated bitcoin with cash. This is technically impossible. Bitcoin is a digital currency. A whole huge digital ecosystem. Bank of America used to be skeptical about digital money.

[Zionatin]

The source is a reddit post: https://www.reddit.com/r/CryptoCurrency/comments/hi78v4/cryptocurrency_is_considered_a_cash_equivalent/

It honestly isn't the best type of source to verify a claim. The submission has now been removed by mods. Perhaps it was even a suspected fake.
If true, we shouldn't rush to consider this good news. A probable cause of this decision could be that it was done to deter abuse of card benefits programs. Right now there are some services that allow you to buy crypto with cards without extra cost. This could be used to rack up miles on a bonus program. This was done also when the FED was selling coin stacks for CC payments for free. Banks were quick to catch up of course.

Whether or not considering BTC cash will have any positive effects related to this bank remains to be seen.

What about taxes? If Bitcoin is indeed considered cash, people should only pay the income tax when they get income in BTC, correct? The currently regulations, however, impose additional taxes such as Capital Gains Tax. I can see that low-level news websites already made articles about this information, but it seems that up to now there's only this reddit post you've mentioned as a source. So yeah, probably fake news... And even if the Bank of America wanted to treat cryptos as money, I doubt they are authorized to do so without proper legislation. And only a year ago, they compared cryptos to stocks without allowing purchases of either via their credit cards.

Finally someone with a brain!! Thank you, my good man. Yes!! Exactly. Crypto can never my cash. Cash is cash. Cash is actually physical notes. If you asked if you are paying with cash can you whip your phone out and pay with bitcoin? Nope because cash is physical. Yes, correct. Unless the government has its own cryptocurrency addresses to pay tax into you don't pay tax because it's not money its a currency we as the people developed. However, if you trade from crypto to fiat and use the fiat system then you will have to pay tax on that.

[Lucax.finance]

I think this news would be very false if rather the banks are afraid of cryptocurrencies and even more so the US banks, I have not seen any communications on verifiable platforms and much less news from the bank's social networks, greetings