The main problem of cryptocurrencies is that they are not transparent and this limits the banks’ ability to prevent criminal activity with their use. This was explained by technical director of financial conglomerate Bank of America (BoA) Cathy Bessant.
“As a payment system, I think they create problems, because the basis of the banking system is the transparency between the sender and the recipient, and the cryptocurrencies are designed in such a way as not to fit into this paradigm and be opaque, ” she said.
According to Cathy Bessant, the introduction of cryptocurrency into the banking system is impossible without ensuring their financial transparency.
“By engaging in the capture of bad guys, we rely on the transparency of the financial component of money. Cryptocurrency is the opposition of this transparency, “she added.