Opinion. 'Under the circumstances, promoting the adoption of cryptocurrency payments among cannabis retailers is not just our best alternative, it is a moral imperative,' GreenbridgeLaw's Khurshid Khoja writes. PaymentsWeek, presented by circlepay.
Cryptocurrency payments are not only a viable and necessary public policy alternative to the all-cash status quo, they offer a superior alternative to the federally regulated banking system and traditional payment rails even after the Senate acts to provide cannabis businesses with access under the SAFE Banking Act.
When weighing the mounting costs of continued inaction, it would be difficult to argue that exploring digital payments that are technically feasible, commercially available and lawfully accessible right now isn’t an obviously necessary step. What might be less obvious is the advantages crypto payments have, relative to the banks and their digital payment rails even if the SAFE Banking Act passed.Most regulators and industry advocates implicitly assume that passing SAFE will immediately improve access to banking and digital payments for all industry operators and quickly supplant cash payments.
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