Bitcoins ATMs are rising in Minnesota as unbanked citizens are adopting cryptocurrency.
Despite the market slump, crypto adoption is getting mainstream in Minnesota. People prefer purchasing clothes and food with this.
According to Vivian Fang, a professor at Minnesota University, cryptocurrency can be used to purchase clothes and food and is accepted at Home Depot, Whole Foods, and Starbucks in the state.
Real estate, travel, and digital items are also being purchased using cryptocurrency channels.
Also, a very famous diamond jewelry store Continental Diamond has become the first jewelry shop in the state to accept bitcoin as payment.
Coin cloud, a cryptocurrency ATM, has placed 159 kiosks in Minnesota and equipment in North and South Dakota.
Also, a famous gas station and convenience store, Kwik Trip, which has almost 500 stores across Minnesota, Iowa and Wisconsin has partnered with bitcoin ATM provider Coinsource.
As per professor Fang, the people who do not have proper banking facilities are the primary crypto adopters since crypto wallet operators do not require a bank account.
Much of this population belongs to ethnic minorities like Hispanic, Black, and Asians. Their meager earnings and less access to the traditional banking system lead to more crypto acceptance.
Current regulations related to cryptocurrency
As of now, Minnesota doesn’t have any regulation regarding the regulation of cryptocurrency.
However, state authorities in Minnesota have taken steps to protect the investors.
For selling unregistered interest-bearing instruments to state customers, the Minnesota Department of Commerce received a $100 million settlement alongside 31 other states and the Securities and Exchange Commission.