As most banks and credit unions continue to shun California’s marijuana industry, state lawmakers are looking at a new way to help cash-saddled cannabis businesses pay their taxes: cryptocurrency.
Legislators this week introduced a bill that would require the state starting in 2020 to accept stablecoins, or digital currency tied in this case to the U.S. dollar, from cannabis-related businesses seeking to pay their excise or cultivation taxes. Assembly Bill 953 would also allow, but not require, counties and cities to do the same for local fees.
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