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Washington state bill would ban bitcoin for marijuana sales

(RT) A new bill in Washington state seeks to bar the use of Bitcoin in any sales transaction that involves marijuana. The bill's sponsor says there is no way to track the cryptocurrency, while opponents of the legislation say that claim "is simply false." On Wednesday, a state Senate committee held a hearing on Senate Bill 5264, legislation that targets virtual currency's role in marijuana transactions. Washington legalized recreational marijuana in 2012, and virtual currency has become a reliable transaction option for many of the state's cannabis businesses.

"A marijuana producer, marijuana processor, or retail outlet must not pay with or accept virtual currency for the purchase or sale of marijuana or any marijuana product," the bill reads. The final page of the legislation defines "virtual currency" as "a digital representation of value used as a medium of exchange, a unit of account, or a store of value, but does not have legal tender status as recognized by the United States government."

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