You can now use Bitcoin to generate tax revenue for Colorado by buying Marijuana - page 2.

QuestionAuthority

legendary

Activity: 2156

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You lead and I'll watch you walk away.

Quote from: cryptocoinsnews on January 03, 2014, 12:28:15 PM

Quote from: QuestionAuthority on January 03, 2014, 12:25:24 PM

What incentive is there to use cash to buy Bitcoins to buy marijuana when you could just use the cash to buy it? The reason to use debit or credit cards would be the convenience of not having to stop by the bank first to get cash. Bitcoins, in this case, would provide no benefit in anonymity or convenience.

I just think people who got Bitcoins might take an advantage of this.

Stoner miners or minor stoners. lol

cryptocoinsnews

sr. member

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Quote from: QuestionAuthority on January 03, 2014, 12:25:24 PM

What incentive is there to use cash to buy Bitcoins to buy marijuana when you could just use the cash to buy it? The reason to use debit or credit cards would be the convenience of not having to stop by the bank first to get cash. Bitcoins, in this case, would provide no benefit in anonymity or convenience.

I just think people who got Bitcoins might take an advantage of this.

guybrushthreepwood

legendary

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Great news. I'm hoping I can buy some weed in Amsterdam with Bitcoin when I go back there later this year.

IamNotSure

hero member

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That reminds me this IPO on crypto:stocks

https://cryptostocks.com/securities/63

I like the "In the event of a forced termination of operations due to legal issues, the remaining assets of the project are to be liquidated and dispersed to the shareholders." Grin

QuestionAuthority

legendary

Activity: 2156

Merit: 1393

You lead and I'll watch you walk away.

What incentive is there to use cash to buy Bitcoins to buy marijuana when you could just use the cash to buy it? The reason to use debit or credit cards would be the convenience of not having to stop by the bank first to get cash. Bitcoins, in this case, would provide no benefit in anonymity or convenience.

cryptocoinsnews

sr. member

Activity: 299

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Yea,, let's see how it turns out.

hilariousandco

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Join the world-leading crypto sportsbook NOW!

Quote from: cryptocoinsnews on January 03, 2014, 12:14:50 PM

September 9th 2013 the Colorado Department of Revenue created the final regulations for Marijuana use and sale, implementing the Colerado Retail Marijuana Code. January 1st 2014 the first official stores has opened for Marijuana sale. The twist however is that you cannot pay for the legal Marijuana with your VISA or Mastercard. You can only use hard cash or Bitcoin.

Matt Miller from Bloomberg explains that:

You can only spend cold hard cash, you cant pay for your weed even for medical use with a credit or debit card. I guess the Banks are unwilling to get into this business yet.

Read more and see the video here:
http://www.cryptocoinsnews.com/2014/01/03/can-now-use-bitcoin-generate-tax-revenue-colerado-buying-marijuana/

That's good news, but I hope they don't get caught out money laundering this way.

cryptocoinsnews

sr. member

Activity: 299

Merit: 250

September 9th 2013 the Colorado Department of Revenue created the final regulations for Marijuana use and sale, implementing the Colorado Retail Marijuana Code. January 1st 2014 the first official stores has opened for Marijuana sale. The twist however is that you cannot pay for the legal Marijuana with your VISA or Mastercard. You can only use hard cash or Bitcoin.

Matt Miller from Bloomberg explains that:

You can only spend cold hard cash, you cant pay for your weed even for medical use with a credit or debit card. I guess the Banks are unwilling to get into this business yet.

Read more and see the video here:
http://www.cryptocoinsnews.com/2014/01/03/can-now-use-bitcoin-generate-tax-revenue-colorado-buying-marijuana/

Topic: You can now use Bitcoin to generate tax revenue for Colorado by buying Marijuana - page 2. (Read 1805 times)