Based on a comprehensive @CryptoTelegraph review of cryptocurrency news events, one thing that caught our eye was the fact that America is getting more comfortable dealing with cryptocurrency regulations. It's only been a month or two since the trading of futures for Bitcoin was announced by major trading groups CME and CBE.
Now it appears Bank of America is looking for a piece of the action...
Because cryptocurrencies have been experiencing an exponential growth in adoption and price and Bitcoin continues to rapidly rise in value, many countries have begun to take cryptocurrency more seriously.
This includes the second largest bank in the United States, Bank of America, has just won a patent for a crypto exchange system, which they intend to develop for corporate clients. The new system they are developing will be able to easily convert one digital currency into another while establishing the exchange rate between those two currencies based on external data.
The patent states that:
Enterprises may handle a large number of financial transactions on a daily basis. As technology advances, financial transactions involving cryptocurrency have become more common. For some enterprises, it may be desirable to exchange currencies and cryptocurrencies.
There are many exchanges already converting cryptocurrencies but when a big bank like BOA steps in, they bring a sort of confidence and people expect their systems to be more secure. Making cryptocurrency so readily accessible and convertible could truly change the nature of crypto transactions.
While currencies like Bitcoin are rapidly rising in value, there are some that fear the currency isn’t inherently valuable. Additionally, it’s not yet a widely accepted currency, so at the moment uses outside of online transactions and investment are somewhat limited.
Personally I think this is what they've been saying the whole time. The fact that cryptocurrencies have risen so far says a lot about what people want... They want decentralization, control over their own assets without a third party and digital freedom from banks.
Technology that simplifies the conversion of digital currencies will most likely further legitimize cryptocurrencies in general. Because of this fact, I'm in support of what Bank of America is doing in regard to the patenting of their exchange software.
We have come a long way. To further prove my point, there are even places like Catalonia setting interesting precedents for cryptocurrency use — the region is considering adopting crypto instead of a central bank.
Whether or not you agree that big banks should be involved more closely in cryptocurrency markets, Bank of America’s latest move shows that big banks are interested and want a piece of the action.
What do you guys of this crypto move by BOA? Do you think we will be seeing more banks follow suit?
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Source:
Bank of America Wins Patent for Crypto Exchange System - Futurism
Image Source:
BOA
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