A Californian politician Ben Bartlett has become the first elected official who used Bitcoin Cash (BCH) and Universal Dollar (UPUSD) to make the purchase at Ohana Cannabis, a dispensary in Emeryville, CA.
The purchase was part of a live demonstration of crypto-financial technology conducted by blockchain company Cred and the Blockchain Advocacy Coalition, a group of California-based businesses and consumers that work to promote transparent blockchain legislation at a state and national level.
During the demonstration, the team at Cred was reportedly on hand to explain the ins and outs of blockchain and stablecoin technology to local elected officials. The initiative forms part of the Blockchain Advocacy Coalition’s sponsorship of a new bill (AB 953) that would enable California to accept cannabis tax remittance via stablecoin.
The transaction involved Ohana accepting Bitcoin Cash by using Cred’s LBA token as a translation utility, with sales and city tax proceeds settled in Universal Dollar.
As previously reported, 70% of California state’s cannabis industry is unbanked, significantly increasing both the risks and costs faced by local governments required to accept tax remittance in large cash deposits.