Nevada-based Medical Cannabis Payment Solutions, developers of payment processing technology Green, will soon begin accepting and processing payments in Bitcoin. The move comes amidst uncertain federal policy and questions about whether the federal Financial Crimes Enforcement Network (FinCEN) will continue to allow financial institutions to offer services to the industry without the protections of the Cole Memo.
“Traditional banking systems do not allow state-sanctioned marijuana to access their payment systems. The feedback we have received indicates that the opportunity is bigger than just cashless electronic payments in US currency.” – Jeremy Roberts, CEO of Medical Cannabis Payment Solutions, in a press release.
Today, FinCEN spokesperson Stephen Hudack said the agency’s 2014 guidance for cannabis businesses “remains in place”; however, the recent federal policy changes have created some uncertainty for industry operators.
Medical Cannabis Payment Solutions did not indicate a date for which they will begin accepting Bitcoin, but Sean Hullinger, chief legal officer, said the company plans on rolling out the tech “rapidly.”
“The payment system will offer a unique Bitcoin payment option enabling consumers to easily use the digital currency to make purchases. This process allows stores to accept not only electronic payments in U.S. dollars, but also digital currency (instead of cash only).” – Hullinger in a statement