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Cryptocurrencies as a payment system are ‘troubling,” Bank of America tech officer says

May 10, 2018


Cryptocurrencies are standing in the way of authorities catching “bad guys” who are using payment systems for nefarious purposes, a Bank of America official said Thursday.

Addressing a key criticism of bitcoin and its growing list of competitors, Cathy Bessant, BofA’s chief technical officer, said it’s important to differentiate the two major uses of digital currencies.

“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,” Bessant said on CNBC’s “Squawk Box.”

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