• Coinbase published a report that 19% of New Yorkers own cryptocurrencies.
• The report found that New Yorkers are optimistic about the possibilities of crypto and its potential to make the financial system fairer.
• The NYDFS has passed a law allowing the state to collect supervisory costs from licensed virtual currency businesses, and also accept cryptocurrency as a form of payment for fines, civil penalties, taxes, fees, etc.
Coinbase Publishes Crypto Adoption Report
Leading crypto exchange Coinbase published a report on Tuesday highlighting the crypto adoption and innovation in the New York state. Coinbase conducted a survey which said that 19% or one-fifth of New York responders own crypto. Furthermore, the study revealed that New Yorkers are “optimistic” about the possibilities of crypto with one in three respondents agreeing that cryptos make the financial system fairer and is a “worthwhile investment for the future.”
Crypto Companies Thriving In NY State
The study noted that New York state houses 692 blockchain organizations and over 800 founders. Additionally, more than half—52%—of Fortune 100 have pursued crypto, blockchain or web3 initiatives since 2020 began. Fashion-centric companies have also blended this nascent tech into their businesses; Morphew launched its NFT collection in collaboration with Arx to achieve one-of-a-kind fashion collectibles leveraging blockchain tech.
New York Government’s Crypto Initiatives
In April, NYDFS made a significant move by finalizing its oversight on registered crypto businesses by passing a new law allowing it to collect supervisory costs from licensed virtual currency businesses. Also early this year, it announced new legislation permitting agencies to accept cryptocurrency as payment for taxes, fees and other payments charged by the state.
Benefits Of Cryptocurrency Adoption
The benefits of widespread cryptocurrency adoption can be myriad: Increased security and privacy due to encryption techniques used in some cryptocurrencies; lower transaction costs compared to traditional methods; faster settlement times due to automated processes; access to an expansive global market; improved economic opportunities particularly for those without access to traditional banking services; increased efficiency due to smart contracts built into certain blockchains; greater transparency from immutable ledgers provided by blockchain technology; and potentially decentralized control away from centralized entities such as governments or banks.
It is clear that there are many advantages associated with widespread cryptocurrency adoption – both at an individual level as well as within society overall – so it is encouraging news that 19% of New York residents already own cryptocurrencies and even more are optimistic about their potentials in making finance system fairer!