Cryptocurrency Payment Solutions for Legal Cannabis DispensariesSeptember 7, 2018
Israel-based Virtual Crypto Technologies Ltd., have announced the coming of the proprietary payment solution that is particularly meant for the cannabis dispensaries.
Alon Dayan, CEO stated, “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.”
He also reinstated, “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,”
The local authorities in the US have stepped out of the way of the legal cannabis industry. Despite this, the banks and the local credit card companies are not willing to support the payment process for cannabis based businesses.
The restrictions showed by the regular payment companies created a need for alternative payment systems.
Special Initial Coin Offering companies and many other crypto ventures were trying to tap the transactional potential of this industry. The Bitcoin ATM Maker has now ventured to provide with a suitable payment solution for the legal cannabis dispensaries.
The proprietary payment solution will be released in the fourth financial quarter this year. The sale will be executed with minimal hassle as the Virtual Crypto Technologies Ltd are working with authorized dispensary operators in the US.
The developers of the technology state that if the client is willing to purchase cannabis via the solution, they need to scan the QR code that will be available in the point-of-sale interface and the store will get the confirmation within a second.
The coming of these dispensaries according to the developers will reduce the flow of fiat currencies in the industry and it will improve on the usage of cryptocurrency for the payment process. However, they say that adopting crypto-currencies will not eliminate the fiat currencies completely out of the system, but they firmly believe that the cash usage rate will shift by 30%
There is an increase in the tax revenue in this industry eventually encouraging the localizations in the legal industry.
When cash is a payment mode in these dispensaries, the buyers become easy target for thieves. Since tens and thousands of dollars are involved in the transaction process, the employees of these dispensaries are exposed to a work environment that is completely unsafe.
The developers have to say that “Cash makes it difficult to account for the appropriate payments of taxes to the government”
Dylan concluded his message stating that the work of the Israel based ATM maker was not to eliminate currency but to provide people with an alternative payment option. This in turn he says will reduce the amount of fait currency that moves around in the cannabis ecosystem.
They are also focusing in helping the industry participants to be able to pay their taxes by making use of the alternate payment method.