BofA: Don’t Tarnish Blockchain Technology With Speculative Crypto Trading

It is important to separate speculative crypto trading and token prices from the underlying blockchain technology, Bank of America said in a research report Thursday after a group of major banks and the Federal Reserve Bank of New YorkCitigroup , HSBC , BNY Mellon and Wells Fargo are among those taking part, as is payments giant Mastercard , the New York Fed said on Tuesday.

Bank of America says a wholesale CBDC may be issued before a retail CBDC “due to less complexity related to design, privacy and banking system disintermediation.” Central banks and governments are expected to drive digital asset innovation by leveraging the private sector, the note said, and this will create new revenue streams. Governments may give contracts to payments and consulting firms for their expertise, but the larger revenue opportunity likely exists for “infrastructure providers that offer distributed ledger platforms, cloud storage, cybersecurity, digital asset custody/wallets and telecom for offline access.

Potential beneficiaries will depend on what type of CBDC implementation approach is used, according to the report.

BankofAmerica FTX_Official willcanny99 MC81236843 max_mucke

BankofAmerica FTX_Official willcanny99 Funny that.

digitalassetbuy BankofAmerica FTX_Official willcanny99

thebearablebull BankofAmerica FTX_Official willcanny99 Edgar_2128

thebearablebull BankofAmerica FTX_Official willcanny99 wholesale CBDC before retail CBDC makes sense 💯

BankofAmerica FTX_Official willcanny99 Yet they bail on coinbase?

digitalassetbuy BankofAmerica FTX_Official willcanny99 That's because distributed ledger and blockchain technology has nothing to do with SBF. One will change the world, the other will go to jail.

BankofAmerica FTX_Official willcanny99 FTX is dead, nothing to add, end of story

BankofAmerica FTX_Official willcanny99 WOW!..

BankofAmerica FTX_Official willcanny99 That’s like saying the stew is no good but we can keep the broth. We want the stew.

BankofAmerica FTX_Official willcanny99 atAMC WeKnow ☣️

BankofAmerica FTX_Official willcanny99 Maybe I’m not looking hard enough, but other than Bitcoin I have yet to see a blockchain “application” that isn’t a) a VC pump-and-dump scam, b) replicable gifs sold as “non-fungible” because they have a key attached, or c) an inefficient replacement for a sql database.

BankofAmerica FTX_Official willcanny99 why would you use a distributed ledger when you can have a 10 billion spreadsheet with perceived leverage ratios

BankofAmerica FTX_Official willcanny99 Get ready for retail Banks to be the crypto custodians. Not long now till regulations

BankofAmerica FTX_Official willcanny99 So, BankofAmerica , what are you guys building exactly? Will you open source them?

BankofAmerica FTX_Official willcanny99 Simply put CRYPTO & BLOCKCHAIN isn’t dead folks just climbing hurdles along the way. 😏😏 to all the nay sayers Cry me a River 🤡🤡

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