Bitcoin Says “NO” to Serving Marijuana Industry

The marijuana business is at the wrath of legal constraints due to their lack of access to banking services. Despite having bank accounts, they are always at a risk of account termination. On the contrary, digital currencies offer financial assistance anywhere, and thus the marijuana business is excited to explore the new possibilities of Bitcoin and cryptocurrencies. But let us look at an alternative to this methodology.

The Cannabis business owners have been proposed two alternative methods. One is to comply with an existing digital currency and utilize for the transaction. This will eliminate the need for a bank account and initiate online monetary transactions. In a second alternative, it was proposed that digital currency would be utilized for developing an altcoin which will reduce the use of cash and escalate blockchain technologies. Amongst these proposals, customers are not allowed to purchase bitcoin, utilize it for purchasing marijuana product and then transfer the amount to dollars.

However, even with all these proposals, it is seen that there are potential threats to the digital currency that are opting to assist the marijuana industry. This is because the Cannabis use digital current for illegal trading and diverts the revenue for conducting criminal activities. So it is best to say a NO when it comes to serving the marijuana industry.