Bank of America Clarifies its Stance on Crypto on CNBC

Bank of America previously banned crypto credit card purchases and Bitcoin stocks. Today on CNBC they clarified their stance on crypto.

To sum up BofA’s chief technical officer Cathy Bessant’s comments on CNBC’s Squawk Box:

1. Bank of America won’t allow credit cards to be used for crypto, just like they won’t allow credit cards to be used for stocks.
2. They have an appreciation for the underlying technology and think it will be an asset in traditional banking.
3. They think investing in crypto as an asset class is a choice for each investor to make (implying they won’t stop their customers from doing it).
4. They find cryptocurrency as a payment system to be troubling since it removes transparency and opens the door for “bad guys” to abuse the system.

For more, see CNBC’s: Cryptocurrencies as a payment system are ‘troubling,” Bank of America tech officer says.