Marijuana Industry Could Still Use Bitcoin
Colorado’s marijuana businesses are having a hard time creating a bank. The Federal Reserve said that because the substance is federally banned they don’t want to work with the money involved with it. Now a hopeful Colorado credit union stands as a vacant building while the reefer industry shakes its head. Andrew Freedman, director of marijuana coordination for Colorado was feeling very frustrated saying:
“We tried to do the most with the building blocks of instructions they sent us, set up the most rigorous solution. And we still are left with confusion.”
The court filing came from a legal feud between the Federal Reserve and the Fourth Corner Credit Union. Colorado’s cannabis and hemp supporters formed this organization to be the “only credit union in the world constructed from the ground up”. The $700 million-a-year industry can’t open a bank without the authorization from the Federal Reserve...
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