Californian Bill To Legalize Cannabis-Related Businesses To Pay Taxes In Stablecoin

A new bill is being introduced by Californian legislators that would enable cannabis-related businesses to pay their taxes with Stablecoins, a cryptocurrency that is pegged to fiat current like the U.S. Dollars.

The bill was introduced last February 21, 2019 by the California State Assembly.

According to the bill it would enable a city or a county in determining what method they would accept stablecoins.

They will determine by themselves if they accept it directly through a digital wallet controlled by the jurisdiction or get the services of a third-party digital asset payment processor that allows for the immediate conversion into US dollars and deposit into an account of that jurisdiction.

Cannabis businesses have been experiencing difficulty getting banking services in the United States.

The vast majority if not all banks are secured by the Federal Deposit Insurance Corporation (FDIC) which prohibits them from servicing an industry that is still deemed illegal under federal law.

New York-Based Back Offers Banking Services To Crypto Startups In Bermuda

The Signature Bank of New York will now offer full banking services to financial technology firms in Bermuda.

These include cryptocurrency startups that find it difficult to fund banking services in the jurisdiction.

The government of Bermuda announced that Signature would offer U.S. banking services to licensed FinTech firms including 66 startups that is already incorporated in the country.

Premier David Burt states that the island’s government has been working hard to promote Bermuda as the destination of choice for FinTech companies that are looking for a country to setup their headquarters.

However traditional bank in the jurisdiction has been reluctant to provide banking services for companies dealing with digital assets for fears of running afoul of international regulations.

The Premier went on to say that Signature’s Bank’s willingness to consider Bermuda licensed businesses for banking services is a significant vote of confidence of the government’s efforts to create a leading high standard regulatory regime for FinTech business in the island state.

Proof-Of-Stake Will Make Ethereum More Decentralized According To Co-Founder

The co-founder of Ethereum and Consensys, Joseph Lubin has recently stated that decentralization begets trust and more decentralization would mean more trust.

He goes on to say that Ethereum is different from Bitcoin in that it was a realized platform for decentralized application (dApps), whereas Bitcoin was an experiment in monetary theory.

Comparing Bitcoin and Ethereum, he reveals that Bitcoin exist in support of the bitcoin token whereas the Ethereum token (ether) exist in support of the Ethereum platform.

According to the former Golman Sachs executive the Ethereum platform already interoperates with other decentralized protocols such as those developed for storage, bandwith and heavy compute.

He believes that the transition of Ethereum network from Proof-of-Work algorithm to Proof-of-Stake wil make it more decentralized as it will lower the barrier to entry to participating in validating transactions on the system to make the network secure.

Card Companies Needs To Adopt Cryto To Stay Relevant

A partner and Senior Equity Analyst at MoffetNathanson, Lisa Ellis have recently revealed that cryptocurrency technology will be the future of payments.

Card companies like Visa and Mastercard should be able to adopt these emerging technologies to stay competitive and stay relevant.

However Lisa does not see cryptocurrencies replacing traditional payment systems in the near future.

She cites the level of freedom and lower cost is the main advantage of cryptocurrencies compared to more traditional payment companies like Visa and Mastercard.

This is why banks, remittance service providers and other financial companies are now utilizing the technology.

Despite market conditions and some setbacks experienced by the blockchain and cryptocurrency sector is clear that the nascent industry is here to stay.

Developers and proponents of blockchain technology keeps building infrastructure that is needed for mass adoptions. Governments, companies and consumers are slowly joining this digital evolution which many calls the emancipation of value.

Malaysian State Launching A Blockchain Platform For Agricultural Products

.It has been reported that the Malaysian state of Penang is looking into blockchain technology.

The new platform will be used to monitor food and agricultural projects supply chains.

The country’s Minister of Agriculture and Agro-based Industries, Sim Tze Tzin, states that the technology can be used in various applications in the industry.

One of the use cases of this initiative is to enable consumers to track the origins of a particular product they purchase.

This is done by scanning a bar or QR code revealing the cryptographically secured information.

This is especially important at times of food contamination or outbreaks occur due to food borne diseases.

The platform will be able to give the whole supply chain information of the product up to where they are cultivated.

Information on when the platform will be release or who are the partners that will be included in the initiative is still unknown.

This project seems to follow other jurisdictions regarding the use of blockchain technology for food monitoring.

Governments and companies around the world are seeking out use cases for blockchain and how to leverage them to cut cost or operation efficiency.

Time and time again supply chain seems to be one of the top picks of blockchain devs.

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