Bank of America CEO: We already have hundreds of Blockchain patents and we know how to enter the field.

The chief executive of the Bank of America (BoA), Brian Moynihan, told CNBC in an interview at the World Economic Forum in Davos, Switzerland, that if proper regulation makes encryption payments 'a reality', then 'the banking system will take a tough stance on transactions'. In this case, encryption transactions will simply be seen as another type of payment alongside credit cards, debit cards, and Apple Pay, Brian Moynihan said, "We already have hundreds of blockchain patents, and we know how to enter the field." He said that if there are appropriate rules, US banking institutions are willing to adopt encryption currency payments, indicating that the financial industry is still waiting for clearer signals from regulators before taking action.