Cannabis use is legal in some American states. Some states allow for medical use while others allow for recreational use. However, the legal environment is still uncertain when it comes to the sale of cannabis for whatever purpose. As a result, transactions are still hectic since most happen via hard cash. Virtual Crypto Technologies Inc (OTCMKTS:VRCP) wants to correct that with the establishment of a standard payments medium.
In a press release, Virtual Crypto announced that it will unveil the payments solution next month. Actually, the crypto-payment solution will be available ahead of schedule. The solution will be available during the Cannabis World Congress & Exposition in Boston on October 17th-20th. There will be a live demonstration on how the solution works during the congress.
Dubbed CannaBit Solution®, the solution facilitates real-time and cheap transactions over a point-of-sale (PoS) hardware. Special supporting software assists in verification of the transactions. A user will only need to scan a QR code that will appear on the POS’s customer interface. The software will then immediately determine whether the transaction will go through. All this happens over a blockchain network.
Virtual Crypto Technologies Inc (OTCMKTS:VRCP) CEO, Alon Dayan, believes the cannabis market is here to stay. According to him, market players should not act out of the financial system because institutions do not approve their products. He further notes,
“We are committed to providing a solution that will seamlessly facilitate transactions with local dispensary shops and consumers where marijuana dispensaries are legal and recognized by the U.S. government. Showcasing our innovative PoS solution at the Boston event is a big step for our company as we continue to gain momentum.”
The idea is to provide an appropriate means of closing transactions without the existing difficulties. As per the press release, it is especially hard on new businesses that want to enter the cannabis industry. New dispensaries and pharmacies have problems accessing credit. At the same time, there are problems when collecting payments through traditional credit cards. Some credit card companies do not allow their clients to make certain purchases with their cards.
In essence, the crypto-payment method presents a great alternative to the transactional problems. As much as the transactions will be easy, they will also avail the much-needed credit for dispensaries.
Per the CEO of Virtual Crypto, “with cash currently accounting for more than 90% of all POS transactions within the cannabis industry, our solution provides dispensary retailers with an alternative payment solution that is instant and effective.”
Join our Telegram Group To Stay Up To Date With Crypto News
One of the top performing cryptocurrencies of the day is REPO. REPO (REPO) is currently up 72.75% compared to USD…
As the world is moving towards Blockchain, gaming giant Atari too wants to dip its toe into the emerging technology.…
Private equity firm GSR Capital has hired tZERO, an Overstock.com subsidiary, to develop digital token for trading cobalt. Overstock said…
On Monday, December 17th, Gulf News reported that the advisory council of the United Arab Emirates Banks Federation (UBF) can adopt blockchain use…
France's financial regulatory watchdog - Financial Market Regulator (AMF) is working aggressively to bring down unauthorized crypto companies. The AMF…
There's a flood of new stablecoins hitting the cryptocurrency space in the last few months. A stablecoin is basically a…