The cryptocurrency and the cannabis industry undertook a significant step as they joined hands with each other, when California’s Berkeley city council member Ben Bartlett purchased cannabis with crypto assets, at a city dispensary 4 days back.
This is significant for the crypto industry and its enthusiasts, as the cryptocurrency makes its debut into the cannabis industry, something that they had been waiting for long, with an elected official using digital assets to buy cannabis, for the first time. The official had used Bitcoin cash (BCH) and Cred’s LBA token to undertake the transaction at the Ohio Cannabis dispensary in Emeryville.
However, this purchase was not made without a purpose as it was part of a demonstration that was conducted in facilitation with the Blockchain Advocacy Coalition on September 10. Cred, a digital currency financial platform had organized a live presentation of digital financial technology during which the transaction was made for demonstration.
One of the other purposes of the event was also to focus on the AB 953, which is a bill sponsored by the Blockchain Advocacy Coalition. The bill would allow the state to accept cannabis tax remittance through stablecoins which is a price-stable cryptocurrency with a 1:1 ratio with the US Dollar brought out by the Universal Protocol Alliance, subject to its passage.