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Title: Credit Card Processors Discriminate Against Medical Marijuana (Bitpay included) Post by: Severian on September 29, 2012, 06:22:23 PM Quote http://www.forbes.com/sites/jonmatonis/2012/09/29/credit-card-processors-discriminate-against-medical-marijuana/ Even the seemingly transaction-neutral bitcoin processor, U.S.-based BitPay, has refused to enter the fray. As a processor, BitPay offers same-day conversion of merchant bitcoin into a US dollar bank account. CEO Tony Gallippi explained in an interview that although several have applied, “medical marijuana is not allowed in our terms of service.” Of course to be consistent, other merchant types not allowed by BitPay include ecstasy, MDMA, any controlled substances, weapons, gambling, and sports betting. They will however support transactions for file sharing, storage/backup services, and VPN services, because “freedom of information is important.” Fortunately, for individuals and merchants around the globe, a third-party processor is not required in order to accept bitcoin. I can see Bitpay's position on this. It would put a giant target on their forehead for the drug warriors that want to keep their high paying Federal jobs. It would also add yet another stigma to "legit" Bitcoin businesses. That being said, have any West Coasters used bitcoin to pay for their mmj? Title: Re: Credit Card Processors Discriminate Against Medical Marijuana (Bitpay included) Post by: Steve on September 29, 2012, 10:44:23 PM We actually looked into this situation specifically…the legal advice we were given was that we'd need an incorporated entity in California (or other states that permits medical marijuana) and attorneys well versed in the local laws. It makes it cost prohibitive for us. Of course, nothing stops them from accepting bitcoin themselves.
Title: Re: Credit Card Processors Discriminate Against Medical Marijuana (Bitpay included) Post by: kwoody on September 29, 2012, 11:53:25 PM I doubt any dispensary would accept BTC unless it were somehow taxed. Taxes are the only reason dispensaries are still open, and don't get raided by the feds every 2 seconds.
Title: Re: Credit Card Processors Discriminate Against Medical Marijuana (Bitpay included) Post by: Steve on September 30, 2012, 01:29:59 AM I doubt any dispensary would accept BTC unless it were somehow taxed. Taxes are the only reason dispensaries are still open, and don't get raided by the feds every 2 seconds. BTC is taxed just like anything else.Title: Re: Credit Card Processors Discriminate Against Medical Marijuana (Bitpay included) Post by: BlackHeartFund on September 30, 2012, 03:19:08 AM I doubt any dispensary would accept BTC unless it were somehow taxed. Taxes are the only reason dispensaries are still open, and don't get raided by the feds every 2 seconds. Nothing prevents them from paying taxes on their income from bitcoins. lol, do you just accidentally overshare a little something about yourself?? ;D |