Denying Basic Banking Is Madness – Senate Bill 213 Might Make Utah Crypto Friendly

dan saada By dan saada March 6, 2019 Off
utah senate bill

The Times of Malta recently reported that despite the government supporting cryptocurrency and the blockchain companies based in Malta, they are being denied banking services.

Silvio Schembri, parliamentary secretary to the financial services in Malta, stated that some banks are willing to provide Banking services to blockchain companies, but they are hesitant when it comes to dealing with cryptocurrency companies. Other banks do not even differentiate between cryptocurrency and blockchain.

Banks expect the cryptocurrency operators to get an MFSA – Malta Financial Services Authority license, which is very understandable.

This is also true with the largest banks being too careful about providing any service to their cryptocurrency operators.

Ben Sebley stated that “Denying basic banking is madness, which in turn impedes the growth of the sector forcing companies to get creative to solve the problem.”  He further stated that “The banks are being overly prudent.”

Global economies are educated about cryptocurrency, and a trend towards mass adoption is a possibility.

Flagship smartphone from Samsung that provides cryptocurrency wallet that permits users to store Ethereum, Bitcoin, and other kinds of cryptocurrency. Being cold storage, this is not connected to the internet.  This phone also comes with support for decentralized apps.  The company will soon be supporting contactless payments.

It has been a bear trend in the cryptocurrency market for quite some time now, and Dash has reportedly decided to reduce the number of personnel citing financial issues.

Ryan Taylor, CEO of Dash stated that they had to take tough decisions to sustain their financial stability.  The funds for Dash comes from the 10% of rewards they get from the master nodes of the network. Therefore the users who are paying for the transactions are technically financing the company.

BBOD provides a hybrid semi-decentralized platform meant for crypto futures.  This trading platform provides for the buying and selling of Bitcoin and Altcoin with nearly 50 times leverage. Contracts are being offered for a total of 16 digital assets.

For most of the beginners, cryptocurrency trading is pretty cryptic.  They are not sure of the trading techniques.  Just like any investment speculation the factors of responsible trading come in to play. While all these are at play in the different cryptocurrency zones, the UTAH lawmakers have sponsored a Bill that will exclude the cryptocurrency transactions from the money transmission laws. Senate Bill 213 might make UTAH a crypto friendly destination very soon.  Different states in the US are similarly coming up with their own Virtual Currency and Blockchain Technology Laws.

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