I called Nick, the original Potcoin dev two weeks ago and we discussed this very issue. The Potcoin team is well aware of the legal issues surrounding crypto and River Rock dispensary in Colorado is taking a very cautionary approach to accepting cryptocurrencies for Cannabis. Once you start accepting crypto for Cannabis in a retail business, you are putting yourself under Federal jurisdiction as a money transmitter.
You've been going fine, but now you've stepped into the realm of the blatantly not true.
There's nothing about accepting crypto as a merchant that makes your a money transmitter.
I never said accepting crypto is illegal... I said that a business that goes into exchanging USD for crypto requires a money transmitter license.
Dude.
I quoted what you said directly.
"Once you start accepting crypto for Cannabis in a retail business, you are putting yourself under Federal jurisdiction as a money transmitter"
And that's just not true.
You're all over the place.
I'm gonna have to put you in the category of "Has no idea what he's talking about."
Bitcycle,
You are completely correct that it's not illegal to accept cryptocurrency and you don't need a money transmitter license. I don't know how I messed that up. What I meant was if you want to sell CANN in a retail store, you are operating as a money transmitter and this can bring the Feds eyes upon you.
It's not just CannabisCoin that is dealing with this... every altcoin and Bitcoin exchange company is dealing with this... getting a money transmitter license is not cheap, especially as regulations become more cumbersome.
I was going to buy a Project Skyhook Bitcoin ATM a few months back but I decided to wait because there wasn't much point if you didn't have a money transmitter license. Since then I've been looking to partner with someone or a company that does have this license in order to work together.