Virtual Crypto Technologies Reveals Plans for Crypto-Backed Payment System for Cannabis Dispensaries

Cannabis has been the most-debated topic in the US as its legalization has gained both supporters and naysayers. Due to this issue, many cannabis dispensaries are not able to process transactions, namely because banks refuse to provide said services.

To eliminate this problem once and for all, Virtual Crypto Technologies revealed that it will be creating a crypto payment solution that would help such businesses to operate smoothly, while eliminating possible fakers and thieves.

Virtual Crypto Technologies is widely known for having developed Bitcoin ATMs and crypto-backed payment systems, therefore their interest in challenging themselves to help an industry with potential health benefits does not come of surprise. The project has been scheduled for launch in the fourth quarter.

Now cannabis sellers do not need to fear of possible hindrances that might arise while accepting payments, as Virtual Crypto Technologies solution requires consumers to simply scan a QR code that pops up on payment devices located at such businesses, who will get confirmation of transactions.

CEO Alon Dayan believes that this solution will not only support businesses but will also keep them on the same page as regulators – ridding the entire system of fraudsters.

Dayan also emphasized the fact that the idea for the soon-to-be payment solution was founded on VCT’s “first-generation point-of-sale system”, adding that the entire “makes it easier to accept payments [and]… provides a record of transactions.”

Speaking in terms of the use of fiat currency, Dayan thinks turning away from its uses are ideal for this particular industry, especially given that many fake businesses use it to consumers’ disadvantage.

Moreover, he strongly trusts that, “cash makes it difficult to account for the appropriate payments of taxes to the government.” This is not to say that his firm is for the elimination of cash, but rather to come up with an alternative that eventually promotes a “safer work environment and ensures industry participants pay their taxes.”

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