Bank Of America CEO Calls For Cashless Society, Embraces Digital Money Movement
Bank of America (BoA) is the second largest bank in the country and its CEO has come out to call for a cashless society. The cashless society is a clear indication of a crypto-empowered financial future. Over the past couple of years, these very banks who used to be big time critique of the cryptocurrencies have realized that cryptocurrencies are not just here to stay but it is the future.
Bitcoin was invented a decade back, and like most of the new technologies, it also faced criticism from all corners especially banks around the globe. Traditional Financial institution always dubbed it as a bubble and their claim were merely based on the fact that it is not backed by any physical world entity. However, these naysayers very cleverly excluded the use of technology and mathematics behind these cryptocurrencies.
However, sentiments of traditional players towards crypto space are changing quite fast. Now, wall street investors are equally interested in investing in Bitcoin as they believe the crypto space is finally shedding its bubble-like behavior and getting stable every day. JP Morgan launched its own stable coin after its CEO bashed Bitcoin for quite some time. Banks around the world are looking to incorporate enterprise level blockchain solutions in their operations.
The best evidence of changing times comes in the form of America's second-largest bank, Bank of America CEO Brian Moynihan, has acknowledged that the bank is joining the ongoing trend of cashless economy and he was quoted saying,
“We want cashless society”
The trend has been out there to see for everyone, it is just a matter of time before other major banks around the globe realize the same. Fortune in a recent article noted that commercial and central banks around the globe are looking towards blockchain implementations as it is faster, efficient and more reliable than their current system.
The movement towards a cashless society is in full swing, and even though that goal could have been achieved with fiat as well as more than half of the transactions are already being done on a computer system, but crypto brings in the security and efficiency features along.
Blockchain implementation is not just limited to the financial ecosystem, but it has managed to affect multiple industries like the healthcare, agriculture, gaming, supply & Demand and many more.