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Breaking Down the Barrier Between Fiat and Crypto

It can be tough to get started with cryptocurrency because, at first glance, it does not seem easy to buy coins and tokens. The big exchanges such as OKex and KuCoin focus almost exclusively on crypto-to-crypto purchases, and while that is certainly useful, it does not help people who are just starting. Additionally, once people find a reliable fiat-to-crypto service, they then likely have to transfer their coins to another crypto exclusive exchange if they even want to consider buying some of the lesser-known altcoins. Every crypto fan has likely gone through this process sometime in the past, so they probably all understand how off-putting it can be for beginners. Luckily, there are companies that are trying to solve this problem.

Crypto Banking Services

In the last few years, companies have been coming out that offer cryptocurrency and banking solutions. Over the past year or so we’ve seen the likes of Wirex, N26, Atronocom, and Revolut come to fore and really push the boundaries when it comes to how we see banking services. Users are usually given access to a crypto banking app on their phone, which lets them carry out a number of tasks, including being able to trade cryptocurrency in many cases.

Once released, these bank accounts will be fully functional, complete with IBAN certification. Users can even opt for a debit card linked directly to them. This is the type of progress that is needed within the industry as it essentially makes crypto more beginner-friendly.

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Binance’s Fiat Option

Binance may largely be a crypto-to-crypto exchange, but in January it launched a fiat option for the pound and euro. This is designed to make the process of going from fiat to obscure crypto easier than ever. This is something that many of the older crypto fans have been anticipating for years, largely because they understand how complex and tedious it is to usually buy smaller cryptocurrencies with fiat. Hopefully, Binance soon expands the number of fiat options it has available.

With companies like those mentioned above focusing on easing the crypto process, it won’t be long before we see the entire industry try and do the same. As the years go on, getting into crypto has become less and less time-consuming. There is clearly still a big barrier between crypto and fiat, but that barrier is getting increasingly smaller.

This article was curated through CryptoCurrencyNews’ Contributor Program. If you would like to write for us, send us your submission!

Featured image: DepositPhotos © SectoR_2010

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crypto adoption

Crypto Adoption | Russia Testing and Finland Regulating

The crypto world has continued to grow each passing day, and the industry is closer to global crypto adoption judging from the events and developments of the last week of April.

Crypto Adoption: Russia Opens Four Regions

The Russian Federation has indicated that it is opening four regions in the country to test cryptocurrency. This is a significant milestone towards crypto adoption around the world. The Federation will test crypto innovations in regions that are not under the purview of the current regulations.

A bill drafted by the Economy Ministry of Russia indicates that the Federation will allow regulatory sandboxes to establish a base in these areas. Firms and companies will now experiment with cryptos in the four regions without violating any federal legislation even though crypto assets are yet to be regulated in the country.

An advisor to the Russian President, Kirill Kabanov, stated that for years cryptos have been circulating unregulated in most countries, including Russia. He added that the use of regulatory sandboxes will be vital as test grounds for standards that can be applied in the industry.

Crypto Adoption: Finland Joins the List

Besides Russia, the President of Finland has also approved legislation proposed by the finance ministry that aims to regulate crypto service providers. The proposal puts all crypto services, including issuers, exchanges, and custodian wallet providers, under one law. The Fin-FSA stated that all crypto service providers in the country are required to register with the Financial Supervisory Authority of Finland in line with the legal requirements of the legislation.

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The proposed Act on Virtual Currency Providers is expected to be effective from May 1, 2019. In accordance with the new act, the Finnish Financial Supervisory Authority will now act as both the registration and regulatory authority for crypto service providers.

Beginning May 1, only crypto providers that comply with the statutory requirements of the Act will be allowed to continue activities in the country.

Featured image: DepositPhotos © PromesaStudio

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crypto adoption

Chicago Mayor Believes Crypto Adoption is “Inevitable”

Cryptocurrency received an endorsement from Chicago Mayor Rahm Emanuel when he stated that wide-scale crypto adoption is “inevitable” at a FinTech meeting in his city earlier this week.

The chief of staff for former US President Barack Obama said that while he is no expert in crypto technology, he believes digital assets could help financially unstable countries with their economic recovery.

The politician thinks that “an alternative way of currency dealing with the debt markets is going to happen” at some point in the future.

“One day, somebody’s going to figure out—whether that’s Argentina, ten years from now, five years from now—how to use cryptocurrencies to stay alive when their [sic] facing a financial crisis, and then you’re going to find out that this moment has arrived,” Emanuel said of crypto adoption.

Countries like Venezuela have already turned to cryptocurrency in an attempt to circumvent US-led sanctions, attract investment and bring the country back from the brink of full-blown default.

Crypto Adoption: Cryptocurrency Here to Stay

Despite crypto being a highly volatile market, the Chicago mayor isn’t the only one that believes the currency is here to stay. In fact, some believe cryptocurrency could replace fiat currency as early as 2030.

Former IBM engineer Thomas Frey said at a recent event that “cryptocurrencies are going to displace roughly 25% of national currencies by 2030. They’re just much more efficient, the way they run.”

According to a recent survey led by researchers at the Neustar International Security Council, 80% of businesses are interested in using cryptocurrency for transactions. What’s more, 48% of the survey respondents said that the use of cryptocurrency could be a way for their businesses to generate income by delivering increased value.

Crypto Adoption: Big Companies Moving into the Space

A number of major companies have already begun creating their own cryptocurrencies, including Starbucks, Samsung, Square, Facebook, and IBM.

The most recent company to join the cryptocurrency movement is US multinational financial services giant Visa, which is on the lookout for project managers with blockchain and cryptocurrency knowledge to join their team.

Featured Image: Pixabay

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