Re: [POT]PotCoin - Banking for the Legal Cannabis Industry ✦ ✦ ✦Grow With Us ✦ ✦ ✦
FYI
Washington Bill Would Make It Illegal to Pay for Weed With Bitcoin
Cannabis may be among the country's fastest growing industries, but its status as a Schedule I controlled substance under federal law poses an inconvenient discrepancy with more liberal state policies.
It's well known that pot businesses have used digital currency, like bitcoin, to work around the issue of banking and use of credit cards, given that most financial institutions, complying with federal law, will not service green industry folk. But now, in Washington state, even that's under fire.
State Senators Steve Conway and Ann Rivers proposed a bill to prohibit local cannabis businesses from buying or selling products using bitcoin. "A marijuana producer, marijuana processor, or retail outlet must not pay with or accept virtual currency for the purchase or sale of marijuana or any marijuana product," according to the bill, in which "virtual currency" also includes digital currency.
...more
http://motherboard.vice.com/read/washington-bill-would-make-it-illegal-to-pay-for-weed-with-bitcoin
Washington Bill Would Make It Illegal to Pay for Weed With Bitcoin
Cannabis may be among the country's fastest growing industries, but its status as a Schedule I controlled substance under federal law poses an inconvenient discrepancy with more liberal state policies.
It's well known that pot businesses have used digital currency, like bitcoin, to work around the issue of banking and use of credit cards, given that most financial institutions, complying with federal law, will not service green industry folk. But now, in Washington state, even that's under fire.
State Senators Steve Conway and Ann Rivers proposed a bill to prohibit local cannabis businesses from buying or selling products using bitcoin. "A marijuana producer, marijuana processor, or retail outlet must not pay with or accept virtual currency for the purchase or sale of marijuana or any marijuana product," according to the bill, in which "virtual currency" also includes digital currency.
...more
http://motherboard.vice.com/read/washington-bill-would-make-it-illegal-to-pay-for-weed-with-bitcoin
That's not the case in Canada, Colorado or any other state we are aware of. We have previously had a legal advisor contact the Colorado M.E.D. and they did not have a problem with regulated cannabis businesses accepting digital currencies
The effect a virtual currency ban bill debated in Washington state will have is raise awareness of the potential benefits of bitcoin or potcoin could have. Lets say the benefits that could be offered through the blockchain are argued effectively. Any public debate or mandate decreed immediately increases the possibility of considerable deliberation in the future as well. Colorado leading the country in pot sales and potentially allowing public consumption having the additional advantage in transacting for pot with a potcoin is a signaling a green light to for now.
The govt is not looking to shut down crypto for POT. The state is booting out the federal law enforcement, but they still want to make their cut. It will be taxed like stocks or some other asset, and a public ledger such as POT blockchain serves this purpose and has auditable trail.
Buy POT before the horde flows in here