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In what was dubbed the first of its kind purchase, two California council members were seen buying marijuana from a local store with cryptocurrency.
The council members, Berkeley City’s Ben Bartlett and Emeryville City’s Dianne Martinez, were spotted in a local cannabis shop in Ohana on September 11th, where they reportedly used a stablecoin (still unknown which one) to purchase a cannabis product. Although the exact product they bought is yet to be identified, one of the council members was seen holding up a CBD product used for treating chronic pain and anxiety in pets.
According a press release issued by council member Bartlett, they have chosen this kind of a cryptocurrency purchase as an indication of how smoothly and transparent the cannabis world would be with crypto in it.
Using crypto coins, especially those pegged to fiat currency (stablecoin), for marijuana and other cannabis products will greatly rid the space of illicit activities and help increase financial transparency in the cannabis market.
The council members also explained that introducing digital assets into the cannabis world will go a long way to ease tax collection. Therefore, they call for a modern solution, which in this context refers to creating a legislation that permits local jurisdictions in California to “determine and implement a method by which a licensee under [the state’s legal cannabis program] may remit any city or county cannabis license tax amounts due by payment using stablecoins.”
Big Push for Both the Crypto and Marijuana Industries
Describing this as a big push for the crypto industry, Bartlett stated that “tax collections leveraging stablecoin technology will help bring this new industry into the light.” He stressed further that “by providing a cash-free method of cannabis tax collections, AB 953 can reduce costs and safety risks for cities and businesses.”
Summing up his argument, the pro-crypto council member added that marijuana – and by extension cannabis – industry “is a 21st century industry and as such deserves 21st century legislation.”
I would also like to add that this is indeed a great time to push for this. The sketchy reputation of the cannabis world has scared off banks and other financial institutions, whichh are afraid of aiding a crime. With cryptocurrency, this young and growing industry will have a safe and secure means of digital payment. Returning tax to whatever city or country will also be made totally easy and cheap.
A win-win situation I must say. What do you think?