If you work online or do any kind of online business, chances are, you know or even use PayPal. Originally created by Elon Musk, it has become such a staple of online business that most people prefer it despite the existence of Google Wallet or Payoneer. Now PayPal has thrown its name into the hat to back the Secure and Fair Enforcement (SAFE) Banking Act.
So why is the SAFE Banking Act important or why should you care? Well, for years federally regulated financial institutions have refused to provide services to businesses in the Cannabis industry because of the whole Schedule I status of Marijuana, making these banks vulnerable to federal prosecution and making it next to downright impossible for startups to take off, even if Cannabis is legal in that particular state.
And so, legislators from both parties have been lobbying to pass a law that would protect banks doing business with legal Cannabis-related companies. SAFE Banking Act protects such banks, and the proceeds from Cannabis Industry-related transactions are no longer considered unlawful or money laundering.
With PayPal now on board, this law may get more traction than ever in a snow ball effect kind of way, attracting support from other important players in the financial industry. Not to mention perhaps even backing the legislation financially.
You can read more about the SAFE Banking Act at HighTimes.com:
or read more about PayPal's involvement at GreenRushDaily.com:
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