The adoption and popularity of cryptocurrencies are becoming more widespread in Minnesota amid the current market collapse.
Also, a lecturer at the country’s University of Minnesota, Vivian Fang, has weighed in on the matter. According to her, cryptocurrencies are accepted at Starbucks, Whole Foods, and Home Depot.
Additionally, its usage is currently spreading to the clothing and groceries sector. Meanwhile, the introduction of the cryptocurrency payment option on PayPal has also helped the level of crypto spending.
Fang stated that citizens could use crypto are about two million online US merchants. OpenNode’s strategy officer, Joshua Held, added that people are buying so many things.
These include digital and travel items, real estate, and charity donations, all through cryptocurrency. OpenNode is a firm that provides crypto payment integration for other companies.
The Rise Of BTC ATMs In Minnesota
According to reports, Coin Cloud, a crypto ATM provider, has installed over 159 kiosks in the country. It has also been installed in other regions like South and North Dakota.
Also, a convenience store and gas station, Kwik Trip, has partnered with Coin Cloud and Coinsource, a BTC ATM provider. Kwik Trip has over 500 shops across Iowa, Minnesota, and Wisconsin.
Additionally, the lecturer said that unbanked individuals are a key part of crypto users. This is because they do not need a bank account to use crypto.
Meanwhile, in 2019 the US FDIC said more than 5.4% of Americans (seven million) do not have bank accounts. Most of them are from minority ethnic groups like Black, Asian, and Hispanic.
Usually, they earn a small income from their meagre jobs. Hence, it is difficult for them to join the conventional banking system.
According to Fang, digital currencies offer a convenient alternative to users. This is because it does not need the user to have a good credit score.
Crypto Regulation In Minnesota
Meanwhile, federal regulators globally are working to introduce regulations in the crypto sector. The Minnesota authorities are not left out as they are working to safeguard investors.
The country’s commerce department recently joined other states and the US SEC to receive $100 million. The court ordered this settlement against a crypto firm offering unlicensed crypto products to users.
Minnesota’s share of the fund is over $940,000. Furthermore, Byron Donalds, a member of the House of Rep, talked about a crypto bill months back.
According to Donalds, Tom Emmer, a Minnesota district congressman, and Sen Tommy Tuberville will be working on new legislation. This proposal would stop the Labor department from choosing assets that can be in the 401(k) plans.
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