Marijuana is still illegal at the federal level in the United States. That means dispensaries and cannabis-related businesses operating lawfully under state laws can still have a hard time getting traditional banks to take their business.
As such, many cannabis-related businesses must operate on a cash-only basis. This is an inconvenience and it puts marijuana businesses at personal risk.
Since the industry still lacks a non-physical way to complete secure transactions, cryptocurrencies actually make a lot of sense for marijuana operators.
— BitcoinzWoman (@BitcoinzWoman) October 1, 2015
How does PotCoin work?
PotCoin developers’ goal is to connect cannabis-related businesses and individuals favoring cannabis legalization with an “industry-specific crypto-currency,” that facilitates secure transactions within the global cannabis industry, according to Azarius
More from Azarius:
As with Bitcoins there is no central bank distributing or controlling the money stream. Instead PotCoin flows through a decentralized peer to peer system. The PotCoin