Medical Cannabis Payment Solutions to accept bitcoin
Medical Cannabis Payment Solutions (OTC: REFDG) will soon accept bitcoin on its payment processing platform that serves legal marijuana sellers.
The Nevada-based company already deals with US currency transactions through a payment application called Green. By adding crypto currency to the platform, the company said it hopes to quickly become "bitcoin-acceptable".
“Traditional banking systems do not allow state-sanctioned marijuana to access their payment systems,” said Jeremy Roberts, CEO of Medical Cannabis Payment Solutions, in a statement. “The feedback we have received indicates that the opportunity is bigger than just cashless electronic payments in US currency.”
Companies of all stripes have been slowly adopting bitcoin payments as the price of the cryptocurrency recently reached mania levels. There’s also been a push among banks and other traditional financial institutions to integrate blockchain the underlying technology behind bitcoin, as a secure option in digital transactions.
“Our security, regulatory compliance and pricing give us a huge competitive advantage,” Roberts said. “The ability to process bitcoin will make us that much more attractive to marijuana establishments and, perhaps more importantly, their clients.”
Read more: proactiveinvestors.com
With the recent California state legalization, I've been thinking about alternative payment options and really believe cyrpto currency payments are the future. This would be a huge step forward to address the serious security issues with this 'cash only businesses' in the states.
Implementation success would need to include other coins, not just bitcoins per the high investment costs.
Customers, growers, distributors, shops, dispensaries could all use crypto currency payments, perhaps rewarded with a 'discount/reduced cost' for goods/services as an incentive to use crypto currency payments.
Possible roadblock?
Assuming some vendors/bills will only accept cash payments (until crypto currency payments are widely adopted), how would these folks cash out coins to fiat from the exchanges as they are not allowed to use traditional (federally insured) bank accounts in this industry?
The future is green!
Wow! That 's another great way that will boost the price of bitcoin and other atcoin because if other companies here what medical cannabis is about to do ,they will like to emulate them .thanks for this information.this give me more edge to hold tight my bitcoin because btc is growing everyday by day.
My pleasure
Amazing! Thats interesting. The future is going to be more better than we could ever imagine, thank you for sharing :)
My pleasure
Amazing post....very interesting post dear friend @tradewonk
Thank you!
Waooo this the GOod news after the bad remours
Bitcoin and other Crypto Currencies are going to ban in South Korea which affected the Bitcoin and other Crypto Currencies price and this is the main reason of fell down of bitcoin but now hope soon it will again boostup
and thanks for sharing such a nice information and good news :) Keep Smiling brother :)
Thank you
fuck yeah the more upvotes the more stoned out my face illl get next Friday ;)
I wonder if they immediately convert to fiat or keep it as BTC.
Unless they can also pay their suppliers in BTC, there's some risk involved (beyond bitcoin volatility).
My bet is that they do a risk analysis and change a percentage to fiat and leave a percentage BTC.
Informative post.Thanks a lot for sharing it
Wonderful topic
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