Bank of America (BoA), one of the largest financial institutions on the planet, recognized that bitcoin and other cryptocurrencies threaten its business model. It is said in its annual report.
The report dated February, 22 was sent to the address of the securities and exchanges commission of the USA (SEC) and listed a number of economic, geopolitical and operational risks which can threaten BoA in a new fiscal year. This year for the first time cryptocurrencies were also included in the document.
Earlier BoA began to reject the payments for cryptocurrency made by its clients by means of credit cards, and as they say in the report, these and other similar measures can lead to an outflow of clients.
“Clients can choose to deal other participants of the market offering products in areas which we consider speculative, for example, in the field of cryptocurrencies.”
— the document says.
Besides BoA is afraid that cryptocurrencies and other new technologies can limit its ability to conduct the activity within the legislation on a fight against the laundering of illegal income.
It is remarkable that despite obvious recognition of danger which the bitcoin bears to a traditional financial system Bank of America is one of the most active representatives of this sector from the point of view of studying the new technologies. The considerable number of patent applications in the field of blockchain technology fall to its share, including the automatic exchange of digital currencies.