Cannabis-related businesses in California may soon be allowed to pay their taxes in cryptocurrency. California lawmakers introduced Assembly Bill 953, which would allow relevant Californian offices to accept stablecoins from companies dealing (no pun intended) with cannabis.
“The bill would authorize that city or county in determining that method to either accept stablecoins directly into a digital wallet controlled by that jurisdiction or to utilize a third-party digital asset payment processor that allows for the immediate conversion of any payments made by stablecoins into United States dollars and deposit into an account of that jurisdiction.”
Despite the fact that cannabis has been legalised in multiple US states, federal law still deems it illegal, which makes it very difficult for any cannabis-related businesses to obtain basic banking services.
“Duffel bags and sometimes suitcases of cash would arrive quarterly at some of our designated offices and some business owners had to drive 350 miles to pay their taxes.” – California State Treasurer Fiona Ma testified before the U.S. House Committee on Financial Services.
Hopefully, the bill will make the life of cannabis-related business owners’ easier soon.
And on the side note: Let’s think about that for a moment and imagine how would we react to such news 20, or even 10, years ago… “Cannabis-related” businesses may soon pay taxes in “cryptocurrency” – these are really interesting times we live in 🙂
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