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US investors, Senate hearings, cryptocurrency and banks

07/26/2019
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  • Investments_US_Banks_cryptocurrency
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US investors are ready to buy Bitcoin; the Senate will hold hearings on cryptocurrency. The UK FinTech companies have banking difficulties.

Americans Invest in Cryptocurrencies

A study by SSRS showed that 4% among 1,015 respondents prefer to invest in cryptocurrency. In their opinion, this will be the most profitable investment in a ten-year term. Real estate was the most popular option as it was chosen by 31% of respondents. At the same time, gold and precious metals were preferred by 11%.

Although this survey showed that investment in Bitcoin> was losingest, the study can be considered significant. The US authorities have not yet defined their relationship to digital financial assets, and Donald Trump stated in his Twitter account that he does not belong to Bitcoin fans and does not like the Libra project.

A survey conducted by Fidelity in May 2019 showed that 22% of institutional investors are already cryptocurrency owners, at that as many of them are ready to invest in it in the next five years.

According to SSRS, the most potential Bitcoin buyers belong to the millennial generation. Cryptocurrency investors turned out to be as much as 9% of them. Popularization of new payment instruments leads to the fact that business representatives are also beginning to use cryptocurrency. Thus, the American network for Newegg electronics sale begins accepting cryptocurrency in 73 countries around the world. However, since 2014, residents of the United States and Canada could pay for their purchases here using Bitcoin or Ethereum.

It was supported by AT&T, the telecommunications and information giant, which will soon start using BitPay operator service. Through its use, customers can pay cryptocurrency for the provision of communication services.

Thus, investing in cryptocurrency is becoming more convenient. It ceases to be a marginal asset used by a limited number of people. More and more retailers and service providers are ready to accept bitcoin; more and more Americans are buying cryptocurrencies for everyday use.

Americans Invest in Cryptocurrencies

The US Treasury Secretary and the Senate Will Prepare for Adoption of Laws on Cryptocurrency

Steven Mnuchin, the Head of the US Treasury Department, said that the laws to regulate cryptocurrency market should be adopted in the country. The Libra project has overrun the authorities' patience, and legal uncertainty forces them to address this issue.

Over the past years, the White House has hardly noticed cryptocurrencies. More precisely, it ignored them verbally and in actions, finding more important subjects for discussion. However, the Libra project appearance led to the fact that it was no longer possible to remain silent. Donald Trump was the first to give talk. He said that he is not cryptocurrency supporter and he does not believe in Facebook initiative. After two weeks, the Head of the US Treasury Department said that it was time for regulators to discuss and introduce new laws. Six of them said that they are already stand poised to make their proposals and bring cryptocurrency turnover into the legislative field.

The Libra cryptocurrency project has caused a stir among the world financial elite. The authorities of the United States, Germany, France and many other countries stated that they would not allow the substitution of national currencies with digital financial assets.

A meeting of the Senate Banking Committee is scheduled for July 30, where the issue of introducing a regulatory framework for cryptocurrencies circulation will be discussed. Jeremy Allaire, the Head of Circle, Mehrsa Baradaran, a professor at the University of California, Irvine, and Rebecca Nelson, representing the Congressional Research Service, will be the experts there.

Unlike previous meetings, any specific cryptocurrency project will not be discussed there. The meeting is devoted to the development of a general concept that legislators will adhere to in the development of regulatory acts. Against this background, the words said by Changpeng Zhao, the Head of Binance, sounded somewhat defiant. He said that cryptocurrency would survive even in case of a total ban on their turnover in the United States.

The US Treasury Secretary and the Senate Will Prepare for Adoption of Laws on Cryptocurrency

UK Cryptocurrency Companies are forced to Keep Accounts Abroad

A study by CryptoUK showed that the most part of the 40 largest UK cryptocurrency companies are experiencing difficulties in banking services. 55% of them applied to a credit institution, but were refused in getting services. Moreover, the applicants did not receive explanations of refusal cause. As a result of such attitude, 73% of companies are now cooperating with banks in other jurisdictions.

This is not about offshore regions. Prevalently, cryptocurrency companies’ accounts are located in the United States, Switzerland and the European Union. There is a more loyal attitude to FinTech business. Such attitude led to a serious consequence and 69% of respondents decided to leave the country because they cannot expand their business in such conditions.

British authorities have repeatedly stated that they are seeking to recover the glory of the world financial center to the country. However, legal uncertainty leads to the fact that business is experiencing serious problems in practice. Banks do not want to have risks when opening accounts, because they do not have an understandable procedure for industry regulating.

The Libra project appearance somewhat enlivened the situation, but the discussion of this issue wasn’t constructive. In a recent interview Damian Collins, the Chairman of one of the committees of the House of Commons, announced that Facebook would not be able to protect users’ interests. In fact, there were accusations that the company is striving to become a separate state.

In addition, Damien Collins admitted that Facebook already has billions of "subjects". That is an ambiguous statement, which unlikely can improve business climate in the UK. As long as cryptocurrency companies in the country experience difficulties in banking services, the country will hardly be able to regain the status of a global financial center.

UK Cryptocurrency Companies are forced to Keep Accounts Abroad

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