Representatives of the most important banks in the United States remain cautious about the use of cryptocurrencies, it seems that they expect more regulations
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Saturday, November 16
Cryptocurrency Caution, Say Top U.S. Bankers
Representatives of the main banking entities in the United States, appeared before the Senate and among many issues related to the economic crisis resulting from the pandemic. One of the issues that were raised discussion was that of cryptocurrency and its use in US banks, all this at the annual banking supervision hearing.
Prior to the appearance, it was known that in the statements that the bankers had prepared, they would talk about the doubts they have regarding cryptocurrencies, operations and investments with virtual money.
Bank of America with its CEO, Brian Moynihan, effectively reiterated that said bank has kept a distance with cryptocurrencies . clients do in terms of virtual money.
Moynhan, emphasized that currently there are no loans against cryptocurrencies or banking operations with companies dedicated to cryptocurrencies. BofA evaluates the new technologies, although it was learned that this bank has at least blockchain patents, but there is no “use case at scale.”
Meanwhile, Jane Fraser of CitiGrouo said that this financial group has taken a “measured approach” and that they are seeking to understand all the changes that mean the use of virtual money and the use of blockchains. In addition, analyzing the demands of its clients and waiting for regulatory measures before embarking on the wave of cryptocurrencies.
For its part, Wells Fargo chairman Charles Scharf notes that this bank closely follows the development and use of the cryptocurrency market . Sharf spoke of cryptocurrencies as “alternative investment products, although their status as a currency and payment mechanism remains fluid.”
But Goldman Sachs and Morgan Stanley, are from the financial entities that introduced services with cryptocurrencies at the beginning of . AND JPMorgan, is now considering opening a crypto trading desk.
The truth is that it seems that bank delegates are waiting for regulations more accurate around the virtual money market. Meanwhile, the Department of the Treasury recently announced that it will more closely monitor cryptocurrency investors in the United States. .
Measures will be promoted to ensure that Americans who pay for goods or services with cryptocurrencies do not evade the Treasury at the time of the declaration of annual taxes.
It is possible that more regulations or better said clearer regulations will come, on the other hand, since the IRS announced that it could seize virtual currencies to users who do not pay their past due tax debts.
During the testimony of the bankers in front of the Senate, they were quite criticized by the Democratic legislators , for not collaborating fully with the economic recovery of the country.
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