Bank of America CEO: With the Rise of Cryptocurrencies, We Want a Cashless Society

Following a rather turbulent couple of weeks in the cryptocurrency markets, more good news keeps on rolling in. The CEO of the second-largest bank in the US says that he’s in favor of a “cashless society” propelled by the rise of digital assets, cashless payments, and electronic wallets.

Bank Of America CEO: “We Want a Cashless Society”

Attending Fortune’s Brainstorm Finance Conference, the CEO of Bank of America, Brian Moynihan, revealed his stance on current developments in the field of finance.

According to him, the broader banking industry will continue to head toward digital and tech-enabled models. The main reason for this is that they are more efficient and cheaper than traditional methods.

If you think about the major types of technology that people talk about—voice recognition, artificial intelligence, machine learning, robotics—all of those apply to our industry. […] That’s how we reduce the size of our company, [by] applying technology across all procedures.

The executive also pointed out that more than half of all money transactions are already being processed electronically with payment systems like PayPal and other digital wallets, and especially with the rise of cryptocurrencies.

We want a cashless society. We have more to gain than anybody from pure operating costs.

It’s Not Just Bank of America

Moreover, the Royal Bank of Scotland (RBS) has also hired a former executive from the popular cryptocurrency finance company Circle.

According to a report, Marieke Flament, who used to be the European managing director of Circle, will join RBS as the CEO of Mettle, the bank’s digital service for small and medium-sized enterprises.

Earlier in April, RBS joined a trial using blockchain technology in order to streamline the purchase of real estate. The trial involved over 40 participants and used a tool from startup enterprise blockchain group R3’s Corda platform.

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