Weed, Taxes, and Crypto: Not the Hero We Wanted, but The Hero we Need
We here at The Coin Boys don’t agree on much, but we do agree on this… We love weed (I mean just listen to the podcast). So we are always interested in anything involving crypto and weed. On December 10th, two companies, Alt Thirty Six and NODE40, announced a partnership that will allow dispensaries to not only accept Crypto, but help streamline the companies taxes.
Hooray! Now all crypto holders can pay taxes just as they have always wanted to!
With that sarcasm out the way the truth is, this is good. It is in fact great on a few levels. Eyes have always been on two particular industries and have been highly regulated every step of the way. In many cases rather harshly. The adult industry, and the cannabis industry. Unfortunately there is not much we can do to solve all of the adult industry’s issues, but weed on the other hand has a great shot.
The government cares about the all mighty dollar. History has proven this, if you have the money you can do anything, The law has very little care to take you down, UNLESS you owe the government money. Never forget, Capone was taken down for tax evasion, not for anything else.
Crypto has since joined in the rankings, with the SEC taking down fraudulent sites left and right, and to be honest good for them. We still ask that you please #FreeRoss.
The bottom line is this, if this works it’s great for government adoption. The truth is bitcoin and other “anonymous” currencies are a bit of a hope. We should still push for privacy, but no government will allow their money to be exchanged blindly anymore. Not like in the days with cash. If this can legitimize both Crypto and the Cannabis industry, and prove that governments can still collect and track taxes, I do not see how this will not take off to other industries. Will it be Alt Thirty Six or NODE40 who win this in the end? That future is not certain, but their plan and hopeful execution is definitely needed.
How do you feel about this? Let us know, comment below or email us [email protected] We would love to hear your thoughts.