Pot legalization puts U.S. bankers in a pickle

[Saturn7]

So basically Pot is legal in Colorado & Washington but using a bank account to buy and sell it is still illegal.

http://www.reuters.com/article/2012/11/08/usa-marijuana-votes-banking-idUSL1E8M8JIU20121108

If only there was some kind of solution...

[BitcoinINV]

They say this but I have seen multiple merchant account providers that will help them. Most of them are just based outside the USA.

[ECore]

If only there was some kind of solution...

ummmmmm.....BITCOIN???   Lolz.  The more people are put under the thumb of banks, the more people will use bitcoin.

Pass the word a revel in the defeat of the banksters!   hahaaaaa suckaaaas.

[QuestionAuthority]

The problem with that is they will still eventually need to convert it back to fiat. They will come under AML laws at that time and Gox will serve them up on a plate. They will continue to be plagued by the same problems that plague all profitable illegal enterprises – washing the money.

Last month, a federal grand jury indicted 14 people "associated with a chain of nine marijuana stores" in Orange and Los Angeles counties on federal drug trafficking charges. The indictment included tax evasion and weapons charges.

(Discussing the new Colorado law) Whether the federal government allows that to happen is "a billion dollar question," Kamin said.
"Every store that sells marijuana here is violating federal law," he said. "The federal government could come in and seize assets. They could charge people criminally. They could send people to jail for scores of years. They have chosen, so far, not to do that."

http://www.wptv.com/dpp/news/political/marijuana-legal-in-colorado-washington-but-dont-break-out-the-cheetos-yet#ixzz2CcQ7t8VP

[nobbynobbynoob]

The problem with that is they will still eventually need to convert it back to fiat. They will come under AML laws at that time and Gox will serve them up on a plate. They will continue to be plagued by the same problems that plague all profitable illegal enterprises – washing the money.

As BTC use expands itself, this will become far less necessary/desirable. Plus, there are ways to exchange BTC to fiat other than the recognized AML-compliant exchanges.

[Raoul Duke]

When I lived in The Netherlands I used to buy weed on the coffeshops using my ATM card.
No bank complained about it lol

[QuestionAuthority]

When I lived in The Netherlands I used to buy weed on the coffeshops using my ATM card.
No bank complained about it lol

How are drugs treated in Portugal Psy?

[benjamindees]

Looks like a market opportunity for the Dank Bank.

[thebaron]

The problem with that is they will still eventually need to convert it back to fiat.

Just buy gold bullion with the BTC and sell it locally.

[Raoul Duke]

When I lived in The Netherlands I used to buy weed on the coffeshops using my ATM card.
No bank complained about it lol

How are drugs treated in Portugal Psy?

Things are as simple as the rest of the world believes.
Yes, you can have a little quantity of drugs with you. For example weed, you can have 5 Grams, which is what they say is a 10 days comsumption(0.5gr/day=half a joint lol) without it being a crime, but if they catch you they'll still keep the drugs and you'll have to pay a fine and go see a psychologists board for 6 months.

[bitster]

There is no problem converting BTC to fiat just do so locally with someone who will trade. Cash and BTC is all they really need.