Bank-discriminated Legal Marijuana Industry Opts For BitcoinIn the U.S., four states have already legalized recreational marijuana, namely Alaska, Colorado, Oregon, and Washington alongside with Washington D.C. While the business is completely legal there, and is mostly dedicated to medical purposes, American federal laws still consider marijuana businesses illegal.
For that reason, American banks are very reluctant in providing their services to Mary Jane operators. The thing is that the banks are obliged to comply with federal laws in the first place. However, while they may accept money originating from a pot, they still have to carry out prolonged procedures ensuring their compliance. Banks are at risk of losing their charter in case they fail at least in one step of the compliance procedure, so they mostly prefer to reject marijuana-based businesses completely, as the possible revenue they may obtain is negligible against the risk of losing everything.
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