Minnesota belongs to a group of US states that adopted crypto as a way of payment. Nowadays, you are able to pay with crypto for groceries and clothes at places like Home Depot, Whole Foods, and Starbucks.
The introduction of crypto payments on PayPal enabled over 2 million users in the USA to pay for goods and services with crypto payments. The crypto payments even made their way to buying real estate, travel tickets, digital assets, and charity.
The most recent example of embracing adoption in Minnesota was Coin Cloud, which has installed around 159 Cryptocurrency ATMs around the state (among others in states such as North Dakota and South Dakota). The main focus of Coin Cloud was facilities, in which cash was the dominant currency. Additionally, a chain of gas stations Kwik Trip now accepts Bitcoin payments in the state.
According to research from the Federal Deposit Insurance Corporation, in 2019, around 7 million citizens did not own a bank account, the majority of which were the minorities across the US who were struggling with their income. Fortunately for them, a crypto account does not require a bank account.
While Federal regulators think of how to bring regulations to the sector, Minnesota takes actions to protect the investors. The Department of Commerce in Minnesota joined 31 states and Securities and Exchange Commission in receiving 100 million USD. The funds were received for offering the state residents unregistered interest-bearing products. For these actions, the state will receive 940,000 USD.