The state of Arizona has accepted a blockchain-based, cannabis industry-oriented payments solution into its fintech sandbox. According to a recent press release from the Office of the Attorney General, the company — called Alta — is a cash management solution for licensed medical marijuana providers and vendors. The Arizona-based financial services startup intends to offer a stablecoin that is pegged 1:1 with the United States dollar. During its sandbox testing phase, Alta will trial its member onboarding and remittances platform. The end goal of the platform is to let users pay for goods and services using the stablecoin instead of …

Greek billionaire and television director Alki David and his Swiss consortium launched cannabis-backed token SWX Coin, according to a press release published on July 25. A cannabis-backed token on the BTC chain Per the release, the consortium also launched the Swissx Bank of Cannabis to operate the token. The exchange will be based in Gstaad, Switzerland, and with a Caribbean headquarters to be named soon. The token is reportedly based on Bitcoin (BTC)’s blockchain, and a single unit is pegged directly to the median global price of premium hemp flower. A bank for cannabis deals Initially, the bank and its …

In Spain, eight people have been arrested for allegedly operating a money laundering scheme involving cryptocurrencies, Europol announced in a press release on May 8. Per the release, the group laundered money by exchanging fiat currency to crypto assets. The individuals reportedly used cryptocurrency ATMs and split funds into smaller sums to introduce them into the financial system without having the transactions reported as suspicious. Participants reportedly carried cash, depositing it in several bank accounts and moving it around through different accounts before exchanging it for crypto. Large transfers were sent to accounts from corporate entities owned by the alleged …

Hong Kong-listed contractor turned blockchain investor Grandshores Technology — backed by the Hangzhou municipal government — plans to enter the medicinal and industrial cannabis market in a bid to counter the adverse impact of crypto winter. The development was revealed in a report from local English-language newspaper the South China Morning Post on May 2. The firm’s co-chairman Yao Yongjie has reportedly stated that industrial cannabis cultivation will become the company’s new business focus, drawing on resources previously reserved for global blockchain investment. Yao — a founding partner of the local government-backed Hangzhou Grandshores Fund — spoke with SCMP shortly …

Lawmakers in the United States state of California have introduced a bill to allow cannabis-related business to pay fees and taxes in stablecoins. The bill was introduced by the California State Assembly on Feb. 21. Assembly Bill 953 would allow the state, city and county tax offices in California to accept stablecoins — cryptocurrency pegged to a physical asset or a fiat currency — from cannabis-related companies seeking to pay their excise or cultivation taxes, with effect from Jan. 1, 2020. The bill further reads: “The bill would authorize that city or county in determining that method to either accept …

Cryptocurrency caught mainstream attention when the industry’s total market cap hit $600 billion at the end of last year. The highly anticipated cannabis industry in the United States is similarly being pushed into the spotlight by a “green rush” of investors flooding Wall Street, who expect the industry to be worth $75 billion by 2030. Aside from attracting high volumes of bold new investors, the cannabis and cryptocurrency industries in the U.S. also share some major issues: Both are high-risk, legally uncertain and have government regulators breathing down their neck. The potential uses of cryptocurrency and blockchain align with the …

Bitcoin and Blockchain is all the rage in more than just individual investors’ circles, and companies are trying to cash in on the craze. While some are launching their own ICOs, such as Kodak, others have merely tacked ‘Blockchain’ onto their name and seen success. In a move that seems dangerously similar to what happened in the 90s with the dot-com boom, the ‘Blockchain revolution’ taken on by some companies requires careful scrutiny as much of it is smoke and mirrors. Speaking of smoke, the cannabis revolution that followed its legalization in a few states also came with a similar …

Both bitcoin and cannabis history was made in Seattle as the first vending machines to dispense marijuana debuted Tuesday. The machines, called ZaZZZ, whose first debut in Colorado was reported by Cointelegraph back in April, 2014, are now being installed in medical marijuana dispensaries in Seattle, Washington. The units accept bitcoin by displaying a QR-code on its native touchscreen and are manufactured by American Green, a company which became the first publicly traded medical marijuana dispensary brand in the world, back in 2009. President of American Green, Stephen Shearin, stated: “This is an exciting time in Seattle’s cannabis community, and …