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Pay Cannabis Tax with Cryptocurrency? California Takes a Look.

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<p> We have written about the potential benefits of using the effect of blockchain technology on tracing and tracing cannabis for sale and providing an effective regulatory tool for governments (see <a href= here and here ). We have also warned about the risks and dangers (and direct scams) associated with many cryptocurrencies and increased risks associated with the federal banned substance being typically used for anonymous cryptocurrencies.

I have written and talking to the potential benefits of the block chain in various contexts, not only in terms of kanabiksen. Last month, I spoke about the benefits of blockchain for local authorities in a panel organized by the International Covenant of Mayors, the Federation of Government Finance, and National City Associations. The consensus in the use of local government is that blockchain technology has the potential to provide enormous benefits to local authorities in terms of efficiency and transparency, but that it is still well under development and great skepticism should be exercised when possible. There are still a lot of scams and false information surrounding the blockchain technology, especially in the context of cryptocurrency.

A few cities and states are a groundbreaking road to promoting blockchain technology. This week, the California Assembly members Ting and McCarty introduced AB 953 which allows local governments to accept cannabis license fees paid by "stablecoins". directly in a digital wallet, which is controlled by the area under the, or the use of a payment processor, a third-party digital asset that allows direct conversion of standard charges of US dollars and deposit to the account of the proportion of power. The vulnerability of digital wallets is explained in in the White Paper .

The invoice specifies that "digital assets with US dollar and US dollar price stability features are a security for that digital asset."

A digital asset is defined as "a digital value that is used as a switching device, unit of account or value and is not a legal tender, whether it is legal tender or not."

We are very interested to see how this bill is presented at the meeting and keep the blog up to date. We are doubtful that this proposal will succeed, but encouraged the State legislature to continue to look for profitable banking solutions for the cannabis industry. Stay up to date: The bill can be heard in committee on March 24th.

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