On Thursday, 6th September, Virtual Crypto Technologies Ltd, the company involved in creating Bitcoin ATMs, announced that they have developed a new cryptocurrency based payment solution for cannabis sales.
Alon Dayan, the CEO of Virtual Crypto stated that:
“Our cannabis payment solution is building upon the foundation we established with our first-generation point-of-sale system. Virtual Crypto has been validated in the market and is a proven technology. Not only does our solution make it easier to accept payments, it also provides a record of transactions, which ensures alignment with government oversight, eliminating fraud and abuse.”
The company has stated that their main goal is to provide an alternate source of payment to the people and not to replace fiat money. Apart from that, the organization informed their users that transactions are going to be safer and more seamless, with the added benefit of creating a safer work environment.2
Virtual Crypto has revealed that the estimated time that the new payment solution will be available to the public is around the end of this year. The report released by the company shows that all users need to do is scan a QR code on the company application and the cannabis dispensary automatically receives the order. With companies like Virtual Crypto trying to enter the realm of recreational drugs, countries, and states are taking note of this shift and have started moving bills to make the drug legal.
This cultural and technological change was made evident a few weeks back when Mark Mason, the Dash international Outreach Coordinator had stated that Dash will be the PayPal of the legal cannabis industry. What made the speech even more significant was its venue, the United Kingdom Parliament. This kind of audience and appeal is what propels organizations like Virtual Crypto. Alon Dayan also stated that:
“Today with cash as the payment method of choice at dispensaries, they have quickly become a target for thieves. With tens of thousands of dollars in transactions per day, employees are faced with an unsafe work environment. Additionally, cash makes it difficult to account for the appropriate payments of taxes to the government.”
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