Telegrass Cannabis Marketplace in Israel to Receive Approval for Bitcoin Payment
The goal of the developers of Bitcoin has always been to make it easier for consumers to pay for anything, but without the need to request approval from other entities. The lack of censorship of these transactions remains, and the Israeli government is one of the latest to adapt its technology to another part of their industry. Their recent approval will allow consumers to use Bitcoin within their largest cannabis market.
The cannabis marketplace in Israel, Telegrass, has over 100,000 members, and they recently announced their option to pay with Bitcoin in a post on social media. Though merchants will start to be charged by certain purchases, consumers that use Bitcoin will get a discount.
The collaboration appears to be part of their effort to promote the legalization of cannabis in Israel, for the purpose of recreational use. The whole platform is held on the Telegram network, which connects both sellers and buyers. Though there is no cost to list product in one city, there is a nominal fee attached to expanding elsewhere.
With these new funds that the platform will collect, the plan is to cover the cost of paying the staff at Telegrass, who have been generous enough to work as volunteers up until now. The remaining amount will be to help with legalization, which would help the industry with the constant police attention. Much of this attention has been due to their methods of offering anonymity and security. To stave off undercover cops, they’ve even setup verification methods.
Though the process of decriminalization has been incredibly slow, the interest and progress of recreational cannabis has grown quickly. There are multiple “Canna Tech” startups, along with multiple agricultural companies that have setup farms that are ready to grow and harvest for pharmacies worldwide. The issue is so hot right now that multiple Israeli investors have been pushing to get involved.
The stocks relating to cannabis have seem amazing strides, and they even compare it to the popularity of Bitcoin-related projects this year.