Cali Politician Becomes First To Use Bitcoin Cash As Part Of New Cannabis Tax Remittance Initiative

In a recent press release shared on September 11 with Cointelegraph, a Californian city official has become the first politician to make use of crypto in buying cannabis. The announcement had it that Ben Bartlett, who is a member of Berkely City Council used Stablecoin Universal Dollar and Bitcoin Cash to purchase marijuana.

It is said that he made the purchase at some dispensary in Emeryville known as Ohana cannabis. Cryptocurrency enthusiasts have long waited for active cooperation and transactions between them and the cannabis industry. Their dream seems to be coming true as this purchase by the official was a demonstration on the crypto-financial technology.

The live demonstration was conducted by Blockchain Advocacy Coalition and another blockchain company Cred.

Leveraging Cannabis Tax Returns Using Stablecoin

From the press release, the Blockchain Advocacy Coalition looks to sponsor a new bill. This bill will allow California to receive cannabis taxes via stablecoin. They say that it solves a problematic banking issue, and it also provides a broader platform for the adoption of digital money.

Currently, it is estimated that over 70% of state-approved cannabis is not banked. The firms are having difficulties transacting with financial institutions. California looks to improve on its infrastructure and ease the challenges facing the cannabis industry.

The city official said that by having a cashless mode of payment for cannabis tax, the bill would assist in reducing costs and safety concerns for businesses and cities.

Green Rush Industry Enhancement via Cryptos

Digital innovations have been California's focus of attention. There are epicenters such as Silicon Valley that pioneered for the legalization of cannabis for medical use. The US politician said that a cashless tax remittance system is the way to go in the 21st century (Green Rush Industry).

After the demonstration, the council member told Berkley City Staff to have a report drafted that shows clearly the significance of using digital currencies in the cannabis industry. Ohio was applauded back in 2018 for accepting Bitcoin to be used for tax liabilities for enterprises. Other states are pursuing the same route but not yet had a breakthrough.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Daniel W
Daniel W
Daniel Wambugu writes daily cryptocurrency and blockchain related articles BitcoinExchangeGuide. His articles have appeared in numerous blogs, media publications, and community forums. He prides himself on once being a beginner and uses his experience to deliver high-quality insightful content for our dear readers. With a knack for reviewing ICOs or researching news, Daniel plans to continue being a top contributor for many years to come.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,471FansLike
2,795FollowersFollow
4,194FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Bitcoin to Follow the Equities Market Up or Down? One-Month Correlation Spikes to an All-Time High

Yet another week of weak price movement. The world’s leading digital asset is trading at $9,072, in red with 24 hours ‘real’ volume of just...

Public Mint Launches Its Blockchain; Over 200 Banks Plan to Support Its Digital Money

vPublic Mint, a firm founded by CNET founder Halsey Minor, has announced the launching of its ‘fiat-native’ public blockchain, which enables anyone to easily...

BTC Halving Week Brings in Record Monthly New Accounts & Doubles the Revenue for BlockFi

The past two months have been incredibly dull for the price of bitcoin, but it didn’t affect the businesses in the cryptocurrency space. The...

Currencycloud Partners with Ripple to Leverage RippleNet for Efficient Cross-Border Payments

Currencycloud - one of the global payment processing giants - has become the latest member of the RippleNet family and would help ripple in...

Coinbase Custody and IOHK Partner to Provide Institutional-Grade Staking For Cardano's ADA in Q4

IOHK, the lead developer of Cardano blockchain, and Coinbase Custody, the institutional-grade custodian launched by Coinbase Inc., announced a partnership to allow users to...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today