19% of New Yorkers own cryptocurrency: Coinbase report

A Coinbase report series highlighting crypto development at the state level in the United States has actually just recently released its 4th edition, which includes New York. Source: CoinATMRadarThe Coinbase report also highlighted that as New York locals continue to accept the concept of crypto, the state continues to become a house for blockchain-centered jobs. Related: New York Assembly presents crypto payments bill for fines, taxesMeanwhile, the U.S. Federal Reserve has actually recently expanded the scope of its program that supervises U.S.-based banks engaging with crypto and blockchain.

A Coinbase report series highlighting crypto innovation at the state level in the United States has recently published its fourth edition, which includes New York. The report highlighted different milestones the state reached relating to crypto adoption. Within the report, Coinbase kept in mind that 19% of New York locals who took part in the study own cryptocurrencies. In addition, one in three New Yorkers agreed that crypto makes the monetary system fairer and described it as a “worthwhile financial investment for the future.” Bitcoin ATMs in Manhattan, New York City. Source: CoinATMRadarThe Coinbase report also highlighted that as New York homeowners continue to accept the idea of crypto, the state continues to become a house for blockchain-centered tasks. According to the report, 692 blockchain companies and over 800 founders are based in New York state. As crypto adoption grows in New York, state regulators are enhancing their capability to supervise digital currencies. On Feb. 21, the New York State Department of Financial Services revealed it had boosted its capability to spot crypto-related unlawful activities. According to the statement, the department will have extra capabilities in detecting insider trading, market manipulation and front-running activities. Related: New York Assembly presents crypto payments bill for fines, taxesMeanwhile, the U.S. Federal Reserve has actually recently expanded the scope of its program that supervises U.S.-based banks engaging with crypto and blockchain. On Aug. 8, the Fed developed a program to limit certain crypto-related activities for banks it supervises. In other news, U.S.-based stablecoin company Circle highlighted that its USD Coin (USDC) has discovered traction in other parts of the world. On Aug. 8, Circle CEO Jeremy Allaire said that 70% of USDC adoption originates from outside of the United States. The executive noted development in emerging markets such as Asia, Latin America and Africa. Magazine: Yuan stablecoin group apprehended, WeChats brand-new Bitcoin prices, HK crypto rules: Asia Express