CoinTelegraph spoke to MaryJanecoin developer, Gabriel Ballerini (aka, Jahvinci), to get an inside look at the new marijuana-backed altcoin, at its disruptive potential, and at the challenges facing the cannabis industry.
Maryjanecoin is a cryptocurrency tailored for the cannabis economy. Each coin is backed by 1 gram of cannabis bubblehash concentrate product. It was created in response to the problem of banks being unwilling to work with the nascent industry that could facilitate transactions, wage payments and provide other opportunities for businesses in states where medicinal and recreational cannabis is legal.
“The end of prohibition is going to coincide very nicely with the rise of bitcoin.”
— Gabriel Ballerini
CoinTelegraph: Why did you create MJcoin?
Gabriel Ballerini: MaryJanecoin was created out of a perfect storm of necessity and technology. With the current banking system unwilling to work with dispensary owners in states like Colorado and Washington, MaryJane was created to fill in the gap with electronic payments.
As the push toward full-scale legalization continues, more and more people are starting to work in the cannabis industry. Dispensary owners are looking to provide their employees with normalized wage payments, preferably not in cash. There are a lot of risks to having large amounts of