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Author Topic: WA Regulators Considering Bitcoin Ban for Marijuana Industry  (Read 261 times)
alyssa85
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January 28, 2017, 03:56:05 PM
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http://www.investopedia.com/news/wa-regulators-considering-bitcoin-ban-marijuana-industry/

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Washington state has introduced a measure to ban the use of Bitcoin in transactions with its burgeoning legal marijuana industry.

According to GeekWire, a state senator has introduced the bill claiming that the cryptocurrency is not transparent enough for marijuana sales.

Marijuana businesses have flocked to Bitcoin as an alternative to holding on to large sums of cash, since many banks will not service the pot industry as marijuana is still classified as an illegal substance at the federal level, despite being legal for medicinal and recreational use in many states. The ban on Bitcoin would force marijuana entrepreneurs back to square one when it comes to holding on to cash, which brings with it security risks and expenses.



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January 28, 2017, 06:00:35 PM
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http://www.investopedia.com/news/wa-regulators-considering-bitcoin-ban-marijuana-industry/

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Washington state has introduced a measure to ban the use of Bitcoin in transactions with its burgeoning legal marijuana industry.

According to GeekWire, a state senator has introduced the bill claiming that the cryptocurrency is not transparent enough for marijuana sales.

Marijuana businesses have flocked to Bitcoin as an alternative to holding on to large sums of cash, since many banks will not service the pot industry as marijuana is still classified as an illegal substance at the federal level, despite being legal for medicinal and recreational use in many states. The ban on Bitcoin would force marijuana entrepreneurs back to square one when it comes to holding on to cash, which brings with it security risks and expenses.





I thought Washington would be the poster State for thinking outside of the Box and doing the right thing. I guess making Bitcoin Illegal for the Legal Cannabis Industry is just a way for them to continue to be tough on Crime.
sir.humus
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January 28, 2017, 06:07:47 PM
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I can understand this, because I think that although the marijuana is legal in Washington the government still think it's a bad thing and that's why they want to track the use of it.
When you buy using bitcoin, you make it hard for them.
For that reason I won't be surprised if it will be illegal to buy marijuana even with cash, since it's not traceable.
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January 28, 2017, 06:08:47 PM
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If merchants want bitcoin then they should first take fiat and then buy bitcoins themselves manually, something is whether illegal or legal we can't have between, so which one is it? this is too stupid.

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Yakamoto
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January 28, 2017, 06:24:12 PM
 #5

http://www.investopedia.com/news/wa-regulators-considering-bitcoin-ban-marijuana-industry/

Quote
Washington state has introduced a measure to ban the use of Bitcoin in transactions with its burgeoning legal marijuana industry.

According to GeekWire, a state senator has introduced the bill claiming that the cryptocurrency is not transparent enough for marijuana sales.

Marijuana businesses have flocked to Bitcoin as an alternative to holding on to large sums of cash, since many banks will not service the pot industry as marijuana is still classified as an illegal substance at the federal level, despite being legal for medicinal and recreational use in many states. The ban on Bitcoin would force marijuana entrepreneurs back to square one when it comes to holding on to cash, which brings with it security risks and expenses.
While this is a pretty big clusterfuck considering the circumstances of the legality in Washington state and the actual operation of the entire industry, something like this does make sense to a certain extent and I don't blame them for setting something like this up. Especially in a fledgling drug industry.

Bitcoin is adding another layer of gray legal space on top of something already new and being worked into the existing systems.














 

 

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alani123
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January 28, 2017, 06:29:41 PM
 #6

I don't see this as a bad development reputation-wise for bitcoin. Silk Road had BTC associated with drugs in people's eyes which in reality was just a fraction of its use cases. If regulators prefer to allow other means of payment bitcoin users will find a way to use bitcoin on legal pot (bitcoin debit cards, exchanges, etc.).














 

 

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