Monero (XMR) And Similar Crypto Privacy Coins Are Ideal For Buying Marijuana In Canada

Monero And Similar Privacy Coins Are Ideal For Buying Marijuana In Canada

eToro’s senior market analyst Mati Greenspan thinks that because of the new guidelines issued by the Privacy Commissioner of Canada, Dash, Monero and other privacy coins will increase in usage in the country.

This will almost certainly increase the usage of privacy coins, especially Dash and Monero in Canada.https://t.co/C7yf4VBJSx

— Mati Greenspan (@MatiGreenspan) December 19, 2018

The Privacy Commissioner of Canada released a “guidance document” explaining why he feels it best that Canadians use cash when purchasing marijuana, even at legal and licensed dispensaries. The guideline also advises Canadians to provide as little personal information as possible when making purchases of marijuana. The document even advises that customers can purchase cash to remain anonymous, instead of credit cards and debit cards.

However, the criticism of Greenspan’s hypothesis has been that good old cash is still anonymous and convenient. To that, Mati replied, “Indeed. This is why I was cautious I'm my language. I feel that some will prefer coins to cash.”

There have been other problems associated with the analysis too. At present in Ontario, only online government stores are allowed to sell Cannabis products. In April private store licenses will start being granted with “strict controls” -may include recording ID to ensure no sales to minors. This makes the crypto adoption in the stores near zero.

Although, Canada has been pretty open and supportive of cryptocurrencies in general. It is a home to many crypto mining farms and startups. The lawmakers even considered to not reconfigure their existing constitution to stifle and target virtual currencies. This has increased the adoption of cryptos in the country.