Technical Director of Bank of America (BoA) said that cryptocurrencies are preventing the authorities to catch the “bad guys” because they are opaque payment system.
Participating in the transmission of CNBC “Squawk Box”, Cathy Bessant (Bessant Cathy) said
“As a payment system, I think they are cause for concern. Because the basic principle of the banking system — transparency between sender and receiver, a cryptocurrency designed to was nothing like that. In fact, it is designed to be opaque”.
She stressed that the way to catch the “bad guys — is financial transparency of money at the moment”. Cryptocurrency is the antithesis of this, said the representative of the Bank.
In February, BoA has decided to ban customers purchase of cryptocurrencies through credit cards Bank. A similar measure was also introduced J. P. Morgan Chase and Citigroup.
Bessant confirmed that the ban by the financial conglomerate shall remain in force:
“Just as we do not allow buying stock on our credit cards, we don’t allow to buy them or another crypto currency”.
Recall that in the annual report to the SEC, Bank of America called cryptocurrency is a threat to its business model. The Bank is a leader in the obtained patents in the field of blockchain technology underlying bitcoin and other cryptocurrencies.