The CEO of Bank of America thinks that if authorities allow it, the financial industry will plunge into cryptocurrency payments

Brian Moynihan, CEO of Bank of America, stated on Tuesday that if regulators allow it, the US banking industry will welcome cryptocurrency for payments.

CNBC’s Andrew Ross Sorkin asked the president of the second-largest bank in the United States by assets how the industry’s approach to cryptocurrency could alter in light of President Donald Trump‘s excitement for digital currencies.

«If the rules come in and make it a real thing that you can actually do business with, you’ll find that the banking system will come in hard on the transactional side of it,» Moynihan said during an interview at the World Economic Forum in Davos, Switzerland.

American banks have mostly avoided allowing clients to use cryptocurrency for retail transactions, despite their institutional trading and wealth management divisions participating in bitcoin ETF markets. Leaders in the sector, notably JPMorgan Chase CEO Jamie Dimon, have denounced bitcoin as a currency for thieves and scammers.