The digital asset market data company, Brave New Coin could soon help Nevada, US residents buy marijuana using cryptocurrencies.
According to Brave New Coin, the blockchain company Multichain Ventures will leverage the company’s pricing and data infrastructure to meet regulatory requirements for cannabis companies in the state of Nevada. The recreational and medical use of marijuana has been legal in Nevada since 2016, but a bill was passed by lawmakers two years ago Looks for registered cannabis companies for a cashless payment system.
The bill says so The aim of this move is for regulators to “control and facilitate the financial transactions of marijuana establishments, medical marijuana establishments, consumers, and holders of registration cards.” Also a cashless system “It would reduce the risk to the safety and well-being of the public,” according to the bill.
Although the law does not require payments to be made in cryptocurrencies, the Nevada State Treasurer must set up a pilot program of “closed-loop payment processing systems” for such companies. Brave New Coin said that customers who purchase cannabis will soon be able to convert their money into token credits to make their purchases.
“Most entrepreneurs take traditional banking for granted, but the cannabis industry is isolated from most financial services in the US.” said the founder and CEO of Brave New Coin, Fran Strajnar. “The operators had to be particularly innovative when it came to managing their cash.”
In the United States, medical cannabis and recreational cannabis are still illegal in many areas because individual states often enforce laws independently of the federal government. Nationwide “green” sales are expected to exceed $ 20 billion in 2020, and cannabis dispensaries in Nevada reported sales of around $ 600 million in late September.
However, the system is no stranger to blockchain technology. Companies all over the world have tested and Launch of blockchain-based cannabis trackers that allow users to follow the supply chain from seed to business.