Bank Of America Admits That Cryptocurrency Threatens Its Business Model
Said every bank ever
Yet another massive financial institution has come forward and said what we're all thinking: cryptocurrency is changing the world.
Bank of America released their annual report a few days ago which listed a range of risk factors that the NC-based bank faces as we move into 2018. Our good friend crypto made the list.
The American bank, well known for it's zealous overdrafting policy, had recently issued a bank-wide rule preventing its customers from using credit cards to purchase crypto. This rule was set in place allegedly to "protect" its customers.
Come on Bank of America - we all know what you're really trying to protect.
“[C]lients 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 bank said in the filing.
Later in the report, the bank stated the obvious yet again. This time, they admitted that new technology such as crypto payment systems could require them to spend lots of money trying to keep up with startups run by teenagers in their parents' basement:
“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,” it said.
Captain Obvious Bank of America also wrote in their report that the decentralized nature of cryptocurrency would make it much more difficult for them to comply with anti-money laundering regulations.
“Emerging technologies, such as cryptocurrencies, could limit our ability to track the movement of funds. Our ability to comply with these laws is dependent on our ability to improve detection and reporting capabilities and reduce variation in control processes and oversight accountability.”
Despite these worries, Bank of America has also applied for various patents related to cryptocurrency in the past few years. Although they haven't actually done anything with these patents (as far as we know), they've mentioned that system-wide adoption of crypto is unlikely to happen.
I for one, don't feel the slightest bit bad about Bank of America. I made the mistake opening an account there several years ago and they tried to charge me hundreds of dollars in late fees.
I will say, though, that if you go complain on their official Twitter account, you do get great customer service!
What do you think about BofA being scared of crypto?
Let me know in a comment!
Can't get enough of me? Follow me on Instagram!
Check out some of my other posts here:
- Telegram ICO Raises $850,000,000 From 81 Separate Investors And At Least One Russian Billionaire
- How To Make $10k A Month The Old Fashioned Way
- How To Make More Money Than You've Ever Made In Your Life
- Six Low Market Cap Altcoins That Could Maybe Possibly Potentially Rise 10x In Value But I Dunno Though
- Lisk (LSK) Founder Max Kordek Pledges $50,000,000 To Fund High Quality Sidechains Built On The Lisk Platform
- Russian Nuclear Scientist Caught Trying To Mine Bitcoin From Top Secret Supercomputer
- How To Grow Your Personal Instagram Page To 5 Billion Followers
- Watching This Video Will Make You Want To Move To Thailand (And Not For The Hot Estonian Chick, Either)
- Bitgrail Cryptocurrency Exchange Hacked For 17,000,000 Nano (XRB), Claims Insolvency
- After Rejecting Cryptocurrency Entrepreneurs For Fear Of Money Laundering, Rabobank Fined $400 Million For Money Laundering
- In Only 3 Days After Pre-ICO Launch, Crypto Investment Fund Pecunio Has Already Raised Almost $2m
- Shill Of The Day: Why You Should Put Your Daughter's College Fund Into Lucyd's New ICO
- All I Want Is A Billion Dollars, A Rock-Solid Six Pack, And To Smash A Different Hard-Bodied Fitness Model Every Night - Is That Too Much To Ask?
- How To Be Successful In Just 100 Hours A Week
- Discipline, Fearlessness, And Other Lies Sold To You By Clever Marketers
- The Problem With PentaCore And Cryptocurrency Mutual Funds In General (And What To Do About It)
- Stock Trading Platform Robinhood Latest Company To Cash In On Crypto Craze With New Cryptocurrency Exchange
- Japan's Largest Bank Set To Open Cryptocurrency Exchange In April 2018
- There Is Now A Japanese Cryptocurrency-Themed Pop Group
- WaltonChain (WTC) Voted #1 At SE Asia Blockchain Summit... but who cares?
- Basic Attention Token (BAT) - another token that unsuccessfully answers the question, "Why not just use an ad blocker?"
- Request Network (REQ) setting up a $30 million dollar fund for startups
- If Warren Buffett Invested In Crypto, He Would Stock Up Now While The Market Is Collapsing
- VeChain (VEN) Being Shilled HARD In r/Cryptocurrency - 50 Posts In The Last Week
- Switzerland Sees Crypto As Their Chance To Woo Drug Dealers, Saudi Princes And Shady Billionaires
- Why Creative Work Is Its Own Reward And How To Get Better At The Things You Hate
Follow, resteem and smash dat mf like button...
Your post was resteem by Whale ResteemService @booster007 & @boostupvote
Keep it up!
All the best!
Send 0.100 SBD/steem For resteem over 4100+ followers / send 0.200 SBD/steem resteem over 9800+ Follwers Send your link in memo ! @boostupvote Attached !
congratulations for you ... may you always succeed and prosper in running your life .... greetings from me
Well, it's not just the bank of America. Pretty every bank is shaking, because they see, there are alternatives to them and they can't play anymore with every people's money.
I think, that they will get what they deserve.
Well said, they do deserve it.
They should adopt it carefully or become another nokia.
Good
Resteemed to over 13600 followers and 100% upvoted. Thank you for using my service!
Send 0.200 Steem or 0.200 Steem Dollars and the URL in the memo to use the bot.
Read here how the bot from Berlin works.
We are happy to be part of the APPICS bounty program.
APPICS is a new social community based on Steem.
The presale was sold in 26 minutes. The ICO will start soon.
Read here more: https://steemit.com/steemit/@resteem.bot/what-is-appics
@resteem.bot
As one of the criminal banks, it is time for them to fold and disappear. Needless to say, it is not just BOA feeling the heat but the majority of the banks are all in the same psychological boat.
Good informasion..
Resteemed by @resteembot! Good Luck!
Curious? Read @resteembot's introduction post
Check out the great posts I already resteemed.
ResteemBot's Maker is Looking for Work.
bravo.. 😊 @sarine