BERKLEY, Calif.–Two local city council members made a marijuana purchase at a dispensary here using cryptocurrency.
The demonstration of the purchase method comes at the same time the California Assembly has pulled legislation that would have allowed credit unions to accept cannabis businesses as member accounts.
Berkeley City Council member Ben Bartlett and Emeryville City Council member Dianne Martinez purchased marijuana using cryptocurrency as a demonstration of how the technology reduces transaction fees and reduces financial transparency, according to the TimesofCBD. The technology used was stablecoin, which is a digital currency that has sale and tax proceeds that are consistent with cash, according to the publication. Blockchain Advocacy Coalition, which supports stablecoin, is seeking legislation that would enable local jurisdictions in California to have licensee’s pay their cannabis license tax by stablecoin, TimesofCBD added.
Meanwhile, when it comes to the legislation to allow CUs to serve cannabis businesses, proponents said they are hopeful it will be reintroduced in the next session.