Activist group Blockchain Advocacy Coalition (BAC) has sponsored a bill in California’s 19th State Assembly District, set to allow legal cannabis businesses in the district to pay their state taxes using cryptocurrency. The bill was proposed by Assemblymember Phil Ting on February 20, 2019.
If put into law, it would affect the district’s many cannabis businesses, particularly all of those in San Francisco.
Logistical Barriers: Delivering Bags of Cash
One of the most prominent driving factors behind this bill, and where the decentralized nature of financial blockchain technology really has a chance to shine, is the fact that banks lack cooperation with these businesses. Citing a conflict with federal law, many financial institutions refuse to let cannabis businesses open bank accounts, thereby cutting off this multibillion-dollar…