Cannabis and cryptocurrencies are two of the most sensitive and debatable issue for countries — especially regarding regulations.
However, these two may now be sharing the limelight as experts believe that cannabis legalization will soon seek cryptocurrencies and digital tokens for consumers’ ‘safe and confidential’ purchases.
Canada Legalizes Cannabis
On Oct 17, Canada announced its decision to formally legalize the usage of cannabis or Marijuana for recreational and medicinal purposes. This announcement was shared by the country’s Prime Minister Justin Trudeau on his twitter account.
Trudeau explained that legalizing the substance of cannabis was aimed to take away the profits from illegal merchants of the drug, to push for a ‘safe’ environment for the children, and to protect the youth for its negative impression.
After a few months, it was reported recently that Canada earned about $43 million from the total amount of purchase in selling Marijuana.
Although the legalization seems to be strongly taken control by Canada, the office of the Canadian Privacy Commissioner, however, held its firm warning for Canadian consumers and users of cannabis, to give importance to their personal information entailed when buying these drugs.
The paper was published by the authority as a ‘guidance document’ which was entitled “Protecting personal information: Cannabis transactions.”
The document highlighted the fact that cannabis is illegal outside of Canada which means that some countries may restrict Canadians into entering the country due to his record of purchasing the drug — even legally.
So, how can you protect your personal information when buying some cannabis off a store?
Does Cannabis Equal Digital Tokens?
Specialists and crypto enthusiasts believe that this ‘high time’ for cannabis may also be the ‘high time’ for digital tokens. They say that digital tokens will be the only solution for these ‘confidentiality’ in buying drugs like marijuana.
Mati Greenspan– a market analyst for Etoro– thought that digital token would be perfectly fit for the objective of Canada to promote cannabis without exploiting the consumers’ personal information.
“This will almost certainly increase the usage of privacy coins…in Canada,” Greenspan tweeted.
Aside from him, a Vancouver-based company DMG Blockchain Solutions Inc recently announced their plan to create business through the help of blockchain and some cannabis.
“The perfect use of blockchain technologies is actually supply chain management, especially for controlled substances like marijuana”
Now, we can say that it is indeed a helpful way for cryptos to be revolving around cannabis.