Said every bank ever

Yet another massive financial institution has come forward and said what we're all thinking: cryptocurrency is changing the world.

Bank of America released their annual report a few days ago which listed a range of risk factors that the NC-based bank faces as we move into 2018. Our good friend crypto made the list.

The American bank, well known for it's zealous overdrafting policy, had recently issued a bank-wide rule preventing its customers from using credit cards to purchase crypto. This rule was set in place allegedly to "protect" its customers.

Come on Bank of America - we all know what you're really trying to protect.

“[C]lients 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 said in the filing.

Later in the report, the bank stated the obvious yet again. This time, they admitted that new technology such as crypto payment systems could require them to spend lots of money trying to keep up with startups run by teenagers in their parents' basement:

“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.

Captain Obvious Bank of America also wrote in their report that the decentralized nature of cryptocurrency would make it much more difficult for them to comply with anti-money laundering regulations.

“Emerging technologies, such as cryptocurrencies, could limit our ability to track the movement of funds. 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.”

Despite these worries, Bank of America has also applied for various patents related to cryptocurrency in the past few years. Although they haven't actually done anything with these patents (as far as we know), they've mentioned that system-wide adoption of crypto is unlikely to happen.

I for one, don't feel the slightest bit bad about Bank of America. I made the mistake opening an account there several years ago and they tried to charge me hundreds of dollars in late fees.

I will say, though, that if you go complain on their official Twitter account, you do get great customer service!

What do you think about BofA being scared of crypto?

Let me know in a comment!

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