THELOGICALINDIAN - Two months ago Bitcoincom appear on the State of Washington giving marijuana dispensaries approval to acquire bitcoin for cannabis sales Now acknowledgment to a fintech startup alleged Posabit a few cannabis merchants in Seattle are utilizing the decentralized bill in their business operations
Also read: AML-Compliant Bitcoin Payments Coming to 56,000 Merchants Globally
Seattle Cannabis Dispensaries are Accepting Bitcoin for Marijuana Sales
Many cryptocurrency enthusiasts would adulation to see the Bitcoin industry accompany calm with the growing marijuana movement, which is accident in a few U.S. states. The State of Washington has accustomed medical and recreational marijuana sales back 2014. Just recently, Washington assembly and the state’s Liquor and Cannabis Board gave marijuana merchants and acquittal processors the approval to advance agenda currencies for berth sales.
Since again the startup Posabit, a credit-card-to-bitcoin acquittal processor, has amorphous alive with four Seattle dispensaries which advertise marijuana. The pot shops alive with the Posabit arrangement accommodate the Queen Anne Cannabis Company, Herb’s House, Greener Today, and three Uncle Ike’s locations. Posabit claims to accord cannabis merchants and added brick and adhesive food an easier way to acquire acclaim cards and bitcoin at any point of auction location. Furthermore, the aggregation says application their agenda processor reduces banknote transactions, which can be a crisis for cannabis berth employees.
Bitcoin Taking the Friction out of Cannabis and Credit Card Laws
The Posabit acquaintance allows users to acquirement bitcoins with a acclaim agenda and use them to acquirement appurtenances from a cannabis area with a Posabit kiosk. In essence, the startup says that they abolish the issues of application acclaim cards for pot sales by utilizing a acknowledged cryptocurrency, because cannabis acclaim agenda sales are banned by law.
“We are affairs bitcoin to [individual] customers, and acquiesce our [pot store] barter to acquire bitcoin as payment,” co-founder Ryan Hamlin tells Seattle Weekly. “Obviously federal laws prohibit application acclaim cards to acquirement cannabis,” Hamlin adds. “That’s absolutely what we’re not doing.”
Three Types of Posabit Merchants
Another account to the Posabit arrangement is that the business is absolutely adjustable with KYC, AML, and OFAC authoritative guidelines, explains the startup. Additionally, Posabit capacity its real-time transaction history provides a cellophane advertisement arrangement for auditing. The startup believes that there are a few types of merchants that could use the Posabit basement at point of auction locations. The three types of businesses that may account from Posabit’s bitcoin acquittal arrangement include:
Removing the Dangers of Cash Transactions With Software
There accept been abounding Bitcoin proponents aggravating to advance for these two industries to accompany hands, and it seems like the abstraction may abide to prosper. One of the better apropos for merchants in states area marijuana is acknowledged is the large amounts of cash actuality stored onsite and transported offsite to banks. This blazon of convenance opens the berth to dangers such as actuality beggared and added forms of banknote losses. Posabit’s co-founder says that he saw “an industry that was in acute charge of a acclaim solution.”
Hamlin adds, “I said, ‘software has got to be able to break this problem.’”
What do you anticipate about Posabit and Seattle cannabis dispensaries accepting bitcoin for reefer sales? Let us apperceive what you anticipate in the comments below.
Images via the Posabit website, Queen Anne Cannabis Company, Herb’s House, Greener Today, Uncle Ike’s, and Pixabay.
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