Is Bitcoin Going to Grow in the USA? If Yes, How?
Bitcoin is prevalent in the USA and has a market penetration similar to the internet. Many U.S. merchants prefer Bitcoins over real currencies like Dollar because it offers nominal transaction fees when transferred between parties over the internet. In addition, the majority of the American population is young and tech-savvy, a market that Bitcoins has already captured in a brief period.
Although these are only administrative rulings, they help provide insight into what types of activities FinCEN might take enforcement action against.
Bitcoin exchanges must register with FinCEN and comply with anti-money laundering regulations applicable to currency dealers and exchangers. However, companies that accept Bitcoin for payment on their platform would not be classified as money transmitters and are beyond the immediate purview of FinCEN.
What is being done to advance Bitcoin in the USA?
Several trade associations have been formed in the United States to advocate for Bitcoin users and to promote general acceptance of Bitcoin throughout the business community and websites like bitcoinmillionaire-pro.com. Their mission statements include increased acceptance of Bitcoins by merchants and educating consumers about the benefits of bitcoin over others.
In addition, these associations sponsor events and conferences, provide media outreach to policymakers, and work closely with regulators to help shape sensible innovation-friendly regulations.
The Electronic Transactions Association (ETA) is a trade organization representing about 500 companies participating in the electronic payment industry, including internet-based payments. ETA has been very active in drafting Bitcoin-related legislation in several states.
It does not support any specific Bitcoin legislation at the federal level but will support sensible regulation which protects consumers and businesses operating in the digital currency space.
The Washington, DC-based Chamber of Digital Commerce (CDC) was founded by the renowned Bitcoin entrepreneur Perianne Boring in 2014 to represent the digital asset and blockchain community. CDC actively participates in policy advocacy to promote favorable regulation, currently focusing on taxation of Bitcoin use, anti-money laundering measures, and crowdfunding rules.
The Coin Center is a non-profit public policy organization focusing solely on cryptocurrency issues. Coin Center has worked closely with lawmakers and regulators at the federal level and coordinated with various associations to promote favorable cryptocurrency-related regulation. Recently Coin Center published a digital currency primer aimed at lawmakers and regulators explaining the basics of cryptography, distributed systems, monetary economics, and relevant regulatory issues in simple terms.
How many people use Bitcoin in the USA? How much is spent through Bitcoin in the USA?
BTCXIndia’s co-founder & CEO, Hesham Rehman, was recently invited to a panel discussion with Union Minister of State for Finance, Arjun Ram Meghwal on the floor of Indian Parliament along with Coinsecure’s Chief Scientific Officer, Dr. Raj Chowdhury, and ZebPay’s CEO, Ajeet Khurana to discuss the future of virtual currencies in India.
During the panel discussion, Hesham was asked about BTCXIndia’s plans for the USA market and said: “America is a huge market with 50 states, and we will cover every state in the USA as soon as we launch our American operation. We will be the first Indian Bitcoin company to launch operations in the USA.”
BTCXIndia is a leading Bitcoin exchange and India’s largest Bitcoin exchange by INR trading volume. BTCXIndia allows its users to buy and sell Bitcoins, remittances, and vouchers backed by Bitcoins with Indian Rupees. BTCXIndia has a strong foothold in India and is increasing worldwide. It already has over 30,000 users from 130 countries.
BTCXIndia will be the first Indian Bitcoin company to launch operations in the USA as soon as it receives the necessary approvals required for conducting business there. “We don’t know exactly when we will receive those approvals, but hopefully, we will do it before the end of this year.” Said Rehman.
What is the future of crypto in the USA?
American consumers are generally open to new technologies, and many are eager to try out Bitcoin.
However, several states have enacted or proposed rules that guide how the state intends to treat virtual currencies. The development of these proposals should advance clarity in this area. For example, several state proposals would require that virtual currency businesses obtain a special license to operate in the state.