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Bitcoin Payments

Bitcoin Payments | AT&T Customers Can Now Pay with Bitcoin

Mainstream adoption of cryptocurrency is slowly growing with the latest development being from AT&T Inc. (NYSE:T) which has indicated that from today they will be accepting bitcoin payments as an option of paying for mobile bills.

AT&T customers to pay bills in crypto

AT&T is the first major telecom company in the US to provide the option of paying in crypto. AT&T’s Communication Business Operations VP Kevin McDorman stated that the company is always looking for opportunities for improving and expanding its services. He added that cryptocurrency has become popular nowadays and some customers use it and thus the company is glad to provide them with a payment option of their preference for their bills.

Customers will be allowed to make their mobile bill payments through BitPay in the myAT&T app or by login to the online account. The company has not specified whether the bitcoin payments can be used to pay for purchases of phones and accessories in AT&T stores. BitPay will be processing the crypto payments and then give AT&T a conventional currency.

Although the adoption of cryptocurrency is a significant step, for Joe McCann Passport Capitals’ former hedge fund manager, the move may have come maybe as a result of the company having internal data that shows that more people are using Bitcoin payments nowadays. He added that AT&T did not have an upside to support Bitcoin payments.

Mainstream Bitcoin payment growing

BitPay’s Chief Commercial Officer, Sonny Singh lauded the move by AT&T and the job they have done to make it happen. He added that more companies will soon start the following suit because the adoption of crypto payment by such a big telecom company will motivate competitors to consider joining the trend as most companies are eager to learn.

AT&T follows other major corporation in the US that Accept bitcoin payments such as Subway, Expedia, Overstock, Microsoft, and Shopify. Most recently Whole Foods and a number of retailers began accepting bitcoin payments through third-party partnership.

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The G20’s Still Out on Regulation

Bitcoin is bullish and then some. The coin is still on an impressive bull-run.

The run has extended over 10 days and doesn’t seem to be slowing. Yes, Bitcoin may have taken a step back here and there in its climb, but it has continually managed to take two steps forward. 

At the time of writing the price is $7,710 – it did reach a two-month high of 7,800 earlier this morning – but the current stand-point still represents a rise of over 3.3% in the last 24 hours.

Bitcoin is Bullish
Source: CryptoCurrencyNews.com

BTC has gained an impressive fifth of its value in the last week alone and continues to be outperforming its rivals. The reason for the bullish turn is still a mystery.

Bitcoin is Bullish but G20 is Still Coy

Despite the obvious buzz surrounding crypto’s (especially in this very bullish market of late) the G20 has confirmed that it will not engage with market regulation at least until October. 

This was confirmed at a meeting held July 21-22 in Argentina, in which G20 finance ministers had cryptocurrency regulation on the minutes of their meeting.

The resulting thought on the subject was that cryptocurrencies do not “pose a global financial stability risk” at the moment, and as a result, there seems to be no rush on regulation.

This is despite a plan (that was set in motion back in March) to arrive at a harmonized decision on regulating cryptocurrencies across the member countries of the G20.

The weekend meeting has confirmed that no definitive conclusions have been made on the subject, as on Sunday, the group asked the Financial Action Task Force (FATF)—an international body for fighting money laundering and terrorist financing—to “clarify in October 2018 how its standards apply to crypto-assets.”

>>CoinMarketCap is Under Fire; Crypto Index Revamps Exchange Listings

Until the FATF deliver this clarification, regulation will remain uncertain. Back in March, representatives from FATF said they were obligated to create “very specific recommendations” on approaching cryptocurrency regulation at international level.

For or Against?

The G20 has always remained on the fence regarding cryptocurrencies, showing an appreciation for the positives and negatives of the currencies;

“Technological innovations, including those underlying crypto-assets, can deliver significant benefits to the financial system and the broader economy…Crypto-assets do, however, raise issues with respect to consumer and investor protection, market integrity, tax evasion, money laundering and terrorist financing.”- according to documents from the recent meeting.

Featured Image: Deposit Photos/PixelsAway

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