Bank of America director Brian Moynihan said Tuesday that U. S. lenders may be available to using crypto for payments if authorities permit it.  

In an interview with on Tuesday, the CEO of one of America’s biggest banks said that all businesses send money online nowadays—and that BoA now knows about bitcoin technology and has been “studying it for decades. ” But he added that officials have n’t been clear on how businesses may use a bitcoin.

“If the laws come in and make it a real issue that you can basically do business with,” he said, “you’ll consider that the banking system will come in rough on the interpersonal part of it, ”

Moynihan’s remarks come merely as Wall Street’s best regulation, the Securities and Exchange Commission, announced a new crypto task force that will make “a sensible regulation path ” for the business.

“If it ’s a stablecoin-type of dollar-backed [crypto], like the money market fund … and our consumers actually want to use it, we think there’s value there, ” he said at the World Economic Forum in Davos, Switzerland. “That’s simply another way cash goes. ”

A bitcoin is a type of digital key backed by another asset—usually the U. S. dollar—that does n’t encounter the same volatile price movements as cryptocurrencies like Bitcoin or Ethereum. Rules manufacturers in the U. S. have honed in on that part of the links in recent years, with former officials recently telling that the Biden Administration was strong on gaining better command over the circle.

Moynihan was responding to questions about President Donald Trump’s crypto acknowledge: the new commander in chief said during his campaign that he’d support the business, and released a Solana image gold on Friday ahead of his opening.

Moynihan would n’t comment on the investment side of cryptocurrency, though.  

Other top American bank chiefs have also been reluctant to praise Bitcoin, but have at the same time acknowledged the use cases of crypto.  

JP Morgan CEO Jamie Dimon has repeatedly said the biggest cryptocurrency is useless and like a “pet rock, ” but that blockchain technology was helpful. Earlier this month, the boss of the world’s biggest bank said that Bitcoin was used heavily by “sex traffickers [and ] by money launderers, ” but that he could see a digital currency being used in the U. S.  

“I’m not against crypto, but Bitcoin has no intrinsic value, ” he said in an interview with .  

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