Bank of America has warned in its annual filing with the Securities and Exchange Commission that it could face “substantial” costs as it deals with cryptocurrencies, Financial Times reported.
“The widespread adoption of new technologies, including internet services, cryptocurrencies and payment systems, could require substantial expenditures to modify or adapt our existing products and services,” America’s second-largest bank said.
The filing also notes that cryptocurrencies may present serious challenges in regards to tracking the movement of customer funds, and thus may make it less easy to comply with regulations.
Bank of America is among several institutions to have blocked customers from using credit cards to buy cryptocurrencies.
It has also restricted clients of its Merrill Lynch brokerage unit from making bitcoin-related investments.