US banks await regulatory laws to launch in the digital currency market
With the Joe Biden administration out of the way, the new administration is expected to enact a series of regulatory reforms that could accelerate the adoption of cryptocurrencies. Moynihan explained:
“If the right regulatory frameworks are put in place that make digital transactions more realistic and viable, the banking sector will be poised to expand in this area aggressively.”
He added that cryptocurrencies could become part of everyday payment options, just like Visa, MasterCard and Apple Pay. He stressed that the bank owns hundreds of patents in blockchain technology, which puts it in a position to benefit from future opportunities in this sector.
Banking’s shift towards cryptocurrencies: opportunities and challenges
The change in the regulatory environment is expected to lead to a significant increase in the adoption of cryptocurrencies by major financial institutions, potentially creating a new wave of investment products linked to digital assets.
In this context, industry experts believe that these transformations will provide broad investment opportunities, but at the same time they may face regulatory challenges and price fluctuations that require effective risk management strategies...