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{"id":28844,"date":"2023-04-11T21:37:25","date_gmt":"2023-04-11T21:37:25","guid":{"rendered":"https:\/\/scienceandnerds.com\/2023\/04\/11\/whoops-using-crypto-and-cannabis-dont-mix-after-all\/"},"modified":"2023-04-11T21:37:26","modified_gmt":"2023-04-11T21:37:26","slug":"whoops-using-crypto-and-cannabis-dont-mix-after-all","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2023\/04\/11\/whoops-using-crypto-and-cannabis-dont-mix-after-all\/","title":{"rendered":"Whoops, using crypto and cannabis don\u2019t mix after all"},"content":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/04\/11\/just-kidding-about-the-crypto\/<\/a><\/br>
\nWhoops, using crypto and cannabis don\u2019t mix after all<\/br>
\n2023-04-11 21:37:25<\/br><\/p>\n

\n

Using crypto as an intermediary step ‘could potentially be seen as bank fraud,’ says Smoakland<\/h2>\n
\n\t\t\t\n\t\t<\/div>\n<\/p><\/div>\n
\n

Life comes at you<\/span> fast. A couple of months ago I wrote how Smoakland was testing a loophole<\/a> to sell cannabis by credit card. The test failed, apparently.<\/p>\n

\u201cUpon further review, it has come to our attention that the way the process was described in the article<\/a> could potentially be seen as bank fraud. As a result, our process partner has terminated our relationship,\u201d said Smoakland\u2019s director of marketing and e-commerce Jeff Dillon, in an email to TechCruch.<\/p>\n

It seems as if Smoakland isn\u2019t the first vendor who\u2019s gotten bitten by this.<\/p>\n

Posabit is a specialized point-of-sales system for dispensaries. It did at some point offer the ability to buy crypto<\/a> on a credit card and use that to buy weed, but that has disappeared from its current offering. In fact, the site updated its FAQ with a statement, saying \u201cWhy is credit card processing illegal? (\u2026) Simple: Cannabis is categorized as a Schedule 1 controlled substance at the federal level, which makes it illegal. This hinders credit payment processors from deliberately working with cannabis businesses.\u201d<\/p>\n

Eaze, another of Smoakland\u2019s competitors, also gave this a try, using the Circle stablecoin USDC to charge customers. However, the U.S. district court of the southern district of New York looked pretty dimly at its workarounds, stating in an omnibus memorandum<\/a>, that \u201cThe Scheme involved the deception of virtually all of the participants in the payment processing network, including issuing banks and credit unions in the United States and Visa and MasterCard, through the use of fake merchant names, fake merchant locations, fake descriptions of the merchant activities, and fake merchant descriptors.\u201d<\/p>\n

The memorandum continues, \u201c[the Eaze founders] also worked with and directed others to apply incorrect merchant category codes (\u201cMCCs\u201d) to the marijuana transactions in order to disguise the nature of those transactions and create the false appearance that the transactions were completely unrelated to marijuana.\u201d<\/p>\n

In other words: It seems that the government is continuing to take a dim view on circumventing the federal legislation around payment processing. That isn\u2019t slowing down the Smoakland team much, though:<\/p>\n

\u201cWe will now be moving forward with a bank-sponsored merchant services solution that allows users to pay by credit card,\u201d Dillon said, and notes that the company is still pushing forward on being able to sell its wares and charge credit cards: \u201cWe approach the upcoming 4\/20 date and having the ability to process credit cards would be a significant strategic advantage for us.\u201d<\/p>\n<\/p><\/div>\n

<\/br><\/br><\/br><\/p>\n

Science, Tech, Technology<\/br>
\n<\/br>
\nSource:https:\/\/techcrunch.com\/2023\/04\/11\/just-kidding-about-the-crypto\/<\/a><\/br><\/br><\/p>\n","protected":false},"excerpt":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/04\/11\/just-kidding-about-the-crypto\/ Whoops, using crypto and cannabis don\u2019t mix after all 2023-04-11 21:37:25 Using crypto as an intermediary step ‘could potentially be seen as bank fraud,’ says Smoakland Life comes at you fast. A couple of months ago I wrote how Smoakland was testing a loophole to sell cannabis by credit card. The test failed, apparently. 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