Bank Of America CTO Calls Bitcoin ‘Troubling’, Reconfirms Credit Card Purchase Ban

Bank of America (BoA) doubled down on its decision to stop customers buying Bitcoin with its credit cards May 10. The bank’s official called cryptocurrency “troubling,” according to CNBC.

Speaking to CNBC in an edition of the network’s Squawk Box segment, BoA’s CTO Kathy Bessant said that cryptocurrencies are “designed to be not transparent” and thus hinder banks’ attempts to catch “bad guys.”

“As a payment system, I think it’s troubling, because the foundation of the banking system is on the transparency between the sender and the receiver, and cryptocurrency is designed to be nothing of the sort, in fact [it’s] designed to be not transparent,” she told the program.

BoA caused friction with its cardholders when it instigated the Bitcoin purchasing ban in February…

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