Bank of America recently unveiled a strategy focused on the virtual currency segment, making clear the bank’s desire to launch its own stablecoin.
In this regard, BofA CEO Brian Moynihan confirmed last week that the company is in the process of developing a stablecoin, but is cautious about issues such as the regulatory framework and potential customer demand.
As one of the leading financial institutions in the United States, BofA is adjusting to the new dynamics of the financial market and is preparing “to act when the time is right.”
However, assessments are key, so the bank is still “trying to understand how big or small it is, because in some places there aren’t large movements of money,” said Moynihan.
According to the executive, they are considering launching a stablecoin “in partnership with other companies, and he emphasized that the determining factor will be specific customer demand,” demonstrating that BofA maintains a conservative approach to virtual currencies.
M.Pino
Source: diariobitcoin
(Reference image source: Rubaitul Azad on Unsplash)
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