Bank of America says cryptocurrencies are a threat to its business model
The report, dated February 22 and filed with the US Securities and Exchange Commission (SEC), listed a series of economic, geopolitical and operational risks facing the Charlotte-based bank, NC, in its new year. fiscal. For the first time, the growing adoption of cryptocurrencies made the list.
"Emerging technologies, such as cryptocurrencies, could limit our ability to track the movement of funds. Our ability to comply with these laws depends on our ability to improve detection and information capabilities and reduce variation in control processes and oversight responsibility" .
Bank of America has quietly requested dozens of patents related to cryptocurrencies over the years. However, the bank has so far refused to develop these technologies in functional products and has publicly expressed that the widespread use of cryptocurrencies is unlikely to occur.
Personal Opinion
We are at the forefront of a new technological revolution and if they do not enter the game they probably disappear
Anything that enables power back to the average human always be a threat.
Through the years, crypto made it possible, let say since we are over steemit does change lives all over.
Correct @pouchon "Anything that enables power back to the average human always be a threat" that's the key here and the train is running and will be difficult to stop.
"Bank of America has quietly requested dozens of patents related to cryptocurrencies over the years. However, the bank has so far refused to develop these technologies in functional products and has publicly expressed that the widespread use of cryptocurrencies is unlikely to occur. "
And this is how they do it. Patent the tech so that nobody else can use it and you can continue to run things as usual and keep the money in your own pockets.It's a "cover your own ass" way of doing business but I do believe the time is fast approaching when these dinosaurs will be obsolete, their greatest fear. We can only hope it happens soon...
🏦 of world
No way :-)
Gracias por compartir @dim753
Hasta pronto!!!
Hola @avellana con mucho gusto. Un saludo
I guess they patented some technology just in case cryptocurrencies become widely adopted