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POSaBIT is a Seattle financial services company Incorporated in 2015.[1] They created a point-of-sale arrangement for purchasers of legal cannabis in Washington based on conversion of US dollars from a customer's credit card swipe to Bitcoin.[2][3][4] Uncle Ike's Pot Shop began using the system in March, 2017 for cashfree retail transactions with a point-of-sale tablet resembling a Square, Inc. payment system,[5] and by June it was reported to be in use at 30 locations.[6] A Washington legislator introduced a bill to the state senate in January, 2017 that would make bitcoin illegal for such transactions.[7] The legislator cited the Cole Memorandum as placing the state's system in jeopardy if virtual currency were not banned, due to 2014 FinCEN financial transparency requirements.[8] In June 2017, POSaBIT raised $1.5 million in funding.[9]


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