The second largest Bank of America raised concerns about the cryptocurrency’s potential, which could undermine the control of major banks over the financial system.
The view that bitcoin and other cryptocurrencies are a threat to the big banks and traditional financial institutions is not new. Bank of America, in its report to the Commission on securities and stock exchanges of the USA, said that in order to cope with this new emerging market may require considerable resources
The widespread introduction of new technologies, including web services, crypto-currencies and payment systems may incur significant costs to modify or adapt existing products and services.
In addition, the report also noted that cryptocurrencies can create serious problems for tracking the movement of funds of customers and consequently difficult to work with them and to comply with all regulatory requirements.
Given this position, it is not surprising that Bank of America joined the group of banks that do not allow customers to use credit cards for buying cryptocurrencies, claiming that they are doing this to protect customers.
Although supporters of the cryptocurrency have long said that traditional banks and financial institutions threatened by a new, mainly a decentralized market, the annual report to the SEC, Bank of America is the first case where one of the leading financial companies in the U.S. have recognized this fact on paper.