Officially announced today, Bank of America has "banned" Bitcoin. Along with BofA, Citigroup (CitiBank), and Chase Bank, have also stopped any type of transaction related to cryptocurrency. About a month ago, a Bank of America customer posted online about a "declined payment" for a purchase made on Coinbase. Bank of America C.E.O, Brian Moynihan publicly announced and gave warning that J.P Morgan and Bank of America were going to bar transactions related to cryptocurrency. Here is a quote from Moynihan: "We basically told people they could buy at other accounts, not at Merrill Lynch."But, here comes the irony: Bank of America applied for over TWENTY patents covering digital assets solutions to private and public blockchain concepts. Let that sink in for a minute.
The reasoning behind this bar was for the "best interest" of their customers: by preventing customers from "recklessly borrowing" to purchase cryptocurrency and prevent debt. Then they followed up with their reason for this action to "prevent untraceable criminal activity". I don't buy it, but, do you?
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---Ledger
Bank of America Patent- http://patft.uspto.gov/netacgi/nph-Parser?Sect1=PTO2&Sect2=HITOFF&u=%2Fnetahtml%2FPTO%2Fsearch-adv.htm&r=1&p=1&f=G&l=50&d=PTXT&S1=9,836,790.PN.&OS=pn/9,836,790&RS=PN/9,836,790
Bank of America Ban- http://news.bitcoin.com/bank-america-becomes-latest-credit-card-issuer-ban-bitcoin/
Bank of America Warning - https://www.cnbc.com/2018/01/17/cramer-investors-should-heed-bank-of-americas-warning-on-bitcoin.html
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