Bank of America has recognized cryptocurrency as a threat to its business. The management of the bank filed a report to the US Securities and Exchange Commission on the form of K-10, in which it reports that the cryptocurrency limits the ability to monitor financial flows. Thus, Bank of America became the first institutional organization to declare growing risks from the cryptocurrency. According to bitGuru, the report noted that the spread of clearing services for cryptocurrencies on the part of payment systems is gradually enticing the clientele from the traditional banking sector. The organization acknowledged that it may not be able to manage the release of new competitive products and services due to the need to significantly modernize its system.
Earlier similar reports were submitted mainly by small regional banks, which began to experience difficulties due to the fact that they could not withstand competition with payment systems that support cryptocurrencies.
Bank of America takes 6th position in the Forbes rating. Therefore, the recognition of competition from the cryptocurrency is a serious signal to the need to modernize the banking sector. Earlier, the head of the International Monetary Fund Christine Lagrand called for this.