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Title: [2015-08-01] Cannabis Industry Bank Application Rejected By Federal Reserve &... Post by: upsidedown75 on August 01, 2015, 05:57:31 PM Cannabis Industry Bank Application Rejected By Federal Reserve & NCUA
A Colorado credit union desires the states’ marijuana business to bank with it. Its fate, even so, is up to a federal judge soon after Fourth Corner Credit score Union filed a pair of lawsuits in Denver this week towards the US Federal Reserve and the Nationwide Credit Union Administration. https://www.cryptocoinsnews.com/cannabis-industry-bank-application-rejected-federal-reserve-ncua/ Title: Re: [2015-08-01] Cannabis Industry Bank Application Rejected By Federal Reserve &... Post by: Dajve on August 02, 2015, 01:03:12 PM Quote A number of our clients have asked whether using bitcoin makes sense. Though bitcoin is intriguing, it does not make much sense for marijuana businesses,"McVay stated. "Its primary difficulties stem from its low adoption rate. For a cannabis business to do a significant volume of business with bitcoins, it would need buy-in from its customers, vendors, shareholders, employees, taxing authorities, and others. We just do not see that happening." There is nothing stopping most marijuana businesses from dabbling in bitcoins and accepting bitcoins in addition to dollars, but it is not a panacea, nor is it a viable alternative to having a functioning bank account. Bitcoin sure could help out in situations like this but like the article says their customers don't use bitcoin so its going to be a long time before its a viable option. Maybe some point in the future, though. |