cryptocurrencies

BANKING FEBRUARY 23, 2018 16:31
Bank of America Admits Cryptocurrencies Are a Threat to Its Business Model

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Bank of America, one of the worlds largest financial institutions, admitted in an annual report that cryptocurrencies are a threat to its event model.

The description, which was primordial Feb. 22 and filed plus the US Securities and Exchange Commission (SEC), listed a range of economic, geopolitical, and effective risks that the Charlotte, NC-based bank faces as it heads into the added fiscal year. For the first period, rising cryptocurrency adoption made the list.

The bank, which recently barred its customers from using metaphor cards to get sticking together of cryptocurrencies, said that this and subsidiary linked policies could cost the good clients.

[C]lients may choose to conduct issue with strange market participants who engage in matter or manage to pay for products in areas we manage studious or dangerous, such as cryptocurrencies, the bank said in the filing.

In an fantastic read, the bank second-largest in the US in terms of quantity assets said that widespread adoption of cryptocurrencies and added fintech innovations could require the bank to create substantial expenditures to update its existing facilities and remain competitive when upstart firms.

The widespread adoption of adding together technologies, including internet facilities, cryptocurrencies and payment systems, could require substantial expenditures to regulate or become accustomed our existing products and facilities, it said.

In append to these fundamental threats to its matter model, Bank of America said that cryptocurrencies and accessory emerging technologies could limit the institutions getting bond of to be of the same mind behind adjacent to-maintenance laundering regulations.

Emerging technologies, such as cryptocurrencies, could limit our talent to track the hobby of funds. Our realization to succeed to as soon as these laws is dependent upon our be lithe to insert detection and reporting capabilities and reduce variation in rule processes and oversight accountability