Former president of Uruguay’s National Drugs Board, Leonardo Costa, has warned the Banco Republica Del Uruguay (BROU) it must be “more proactive” in providing financial services to the cannabis industry, otherwise, bitcoin will step in to take its place. As with the United States, Uruguay’s legitimate marijuana industry has struggled with accessing banking and financial services.
Costa Is Concerned That If BROU Fails to Offer Financial Services to the Cannabis Industry, That the Industry Will Be Forced to Adopt Bitcoin
Attorney Leonardo Costa has told local media that Banco República del Uruguay must be “more proactive” in ensuring that the actors within the legitimate cannabis industry are able to access financial services. “It is a public policy that can not fail because of this,” the former president of Uruguay’s National Drugs Board stated.
Costa is concerned that if BROU fails to offer financial services to the cannabis industry, that the industry will be forced to adopt bitcoin as its principal medium of circulation. “Bitcoin is a way of circumventing these problems that, in some countries, are being the alternative for cannabis businesses, or businesses of this type, “he stated.
“The Republic Bank Must Assume [It’s] National Banking Role” – Leonardo Costa, Former President of Uruguay’s National Drugs Board
Uruguay media has recently reported the closure of bank accounts associated with cannabis dispensaries and producers on the part of private banks. The BROU has not yet stated an official position regarding the marijuana industry – although it is rumored that the bank…