|RT | Feb 24, 2018|
|© Marco Bello / Reuters|
In its annual filing with the Securities and Exchange Commission, the bank admitted cryptocurrency poses a competitive threat to its business on three separate occasions within the document. The bank said there is a risk that its customers could turn to cryptocurrencies adding that, "Clients may choose to conduct business with other market participants who engage in business or offer products in areas we deem speculative or risky, such as cryptocurrencies."
The bank realizes the spread of cryptocurrencies and new payment systems could force the company to invest money to expand their offerings in order to remain competitive. The “widespread adoption of new technologies, including internet services, cryptocurrencies and payment systems, could require substantial expenditures to modify or adapt our existing products and services," it said.
Crypto Cheat Sheet: RT’s guide to digital currencies https://t.co/WnRtwycFw3pic.twitter.com/ZJLmCX2fJ3— RT (@RT_com) January 31, 2018
"Emerging technologies, such as cryptocurrencies, could limit our ability to track the movement of funds," it said. “Our ability to comply with these laws is dependent on our ability to improve detection and reporting capabilities and reduce variation in control processes and oversight accountability."
Bank of America, Citigroup and JPMorgan Chase have banned purchases of cryptocurrency on their credit cards, starting February. Bank of America has also placed restrictions on its Merrill Lynch brokerage clients when it comes to bitcoin-related investments, the Financial Times reports.
|Comment: Back a few years ago when the foreclosure were much more in the news, many journalist talked about dumping these banks that use fractional banking and many did do just that including myself moving to a credit union. If more people would have heard about this more they would have joined in and boycotted such banks as BOA which is a bank that bought out the bank I used to be with. They were extremely upset when I closed my account and kept mailing me junk mail bills for about 6 months after. Finally they give up when they don't get a response.|