Bank of America Now Considers Crypto a Business Risk | Cointific.com

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Bank of America Now Considers Crypto a Business
Risk

• It seems the American banks are not going to
  embrace cryptocurrency anytime soon.

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Bank of America shared some pessimistic outlook
towards cryptocurrency
The report mentions cryptocurrency in the
following contexts 1. It can hamper the
anti-money- laundering efforts of the bank 2. It
can force the bank to increase their expenditure
in order to stay updated on the
technology 3. It will present a "competitive
threat" to the bank
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The interesting part is that all three mentions
are made under the Risk Factors section of the
report.
The first concern mentioned in the report was how
cryptocurrency might make stopping money
laundering more difficult. As per bank officials,
their ability to comply with the
anti-money-laundering laws depend upon their
ability to accurately track the funds. With
cryptocurrency, the tracking becomes murkier and
transparency is reduced.
However, the most important insight was the fact
the second-largest bank of USA admitted that
cryptocurrency is indeed a competitive threat. 
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Amarica bank doesn't support any mechanism for
the cryptocurrency

• The bank said that with the rise of
  cryptocurrency, more people might prefer dealing
  with coins. Since the bank doesn't support any
  mechanism for the cryptocurrency, it might affect
  their business. Adapting to cryptocurrency would
  lead to significant expenditure and they would
  have to start from the bottom. It would involve
  introducing infrastructure for the
  cryptocurrency, staff that specializes in dealing
  with coins and making cryptocurrency a part of
  mainstream services they offer. However, it is
  not clear that what is Bank of America's future
  outlook on the issue Are they going to bear the
  initial investment in order to beat the
  competition or continue to dig their heads under
  the sand and pretend that cryptocurrency is not
  the technology of the future?

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Bank of America Now Considers Crypto a Business
Risk
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