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- 🎉 Hey Gate Square friends! Non-stop perks and endless excitement—our hottest posting reward events are ongoing now! The more you post, the more you win. Don’t miss your exclusive goodies! 🚀
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Bank of America CEO Brian Moynihan made an important statement about the Cryptocurrency sector!
Bank of America CEO Brian Moynihan announced that they are preparing to issue a coin indexed to the US dollar as long as the legal infrastructure is provided. The CEO stated, "It is quite clear that there will be a stablecoin. It will be fully backed by dollars... this is no different than a bank account."
On the other hand, the interview highlighted that cryptocurrencies and digital strategies are also evaluated in terms of the global competitiveness of the US. Comments that Bitcoin could be considered a strategic asset and that there is consensus on this issue within some units of the US military were also included in the interview.
The interview also mentioned that contrary to critics like JPMorgan CEO Jamie Dimon, who view crypto investments as a waste of resources, some generals in the U.S. military emphasized the importance of strategic digital assets like Bitcoin, especially in Southeast Asia.
Compared to companies like J.P. Morgan and Citigroup, Bank of America has been cautious in its entry into the crypto space. However, changing regulations may alter the bank's stance.
The Trump administration clearly stated that it would support all efforts in the crypto space. This support will partly come through clearer regulatory rules, which will increase competition among Wall Street banks in the sector. Another bank that had previously been hesitant in this area, Charles Schwab, opened a position for a head of digital assets to explore opportunities in this field.
*It is not investment advice.
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