THELOGICALINDIAN - A affiliate of the Berkeley City Council has reportedly become the aboriginal adopted official to acquirement cannabis with cryptocurrency
City Council Member Makes Cannabis Purchase with Crypto
According to The Daily Californian, Ben Bartlett of the Berkeley City Council purchased cannabis application cryptocurrency during an accident organized by the Blockchain Advocacy Coalition.
The accident which captivated aftermost Tuesday was to draw acquaintance to a bill proposing cryptocurrency payments for California’s cannabis industry.
Bartlett fabricated the acquirement via crypto banking belvedere Cred in a transaction that took abnormal to complete.
Ohana Cannabis Co. — the cannabis merchant in the transaction accustomed the acquittal via LBA badge — Cred’s built-in cryptocurrency.
Commenting on the development in a columnist release, Councilman Bartlett declared:
Cryptocurrency Solves a Real Problem for Cannabis Industry
Per U.S. Federal Statutes (the Controlled Substance Act), cannabis is actionable admitting actuality legalized for recreational use in states like California. Thus, the business charcoal majorly cash-based with little or no cyberbanking support.
As ahead appear by Bitcoinist, federal banks in the U.S. accept been accepted to shut bottomward the accounts of marijuana investors.
The cash-based attributes of the industry additionally causes austere cephalalgia back because sales and burghal tax payments. State tax admiral tend to absorb added time and money accepting payments in ample authorization deposits.
For Cred co-founder Dan Schatt, cryptocurrency can accommodate simple solutions to these problems. Commenting on the issue, Schatt opined:
With cannabis still arguably a anathema subject, crypto additionally seems like the perfect transactional vehicle for the industry.
Liam DiGregorio of Berkeley’s Blockchain administration commended Bartlett’s efforts in arch the way for marijuana normalization amid adopted officials. According to DiGregorio:
The circle of the crypto and cannabis industry could additionally potentially aggrandize acceptance numbers for the latter.
What do you anticipate about application cryptocurrency for cannabis purchase? Let us apperceive in the comments below.
Images via
