Things are looking up for cannabis businesses in the United States. On Tuesday, the Independent Community Bankers of America (ICBA) and the American Bankers Association (ABA) sent a letter to the Senate Committee on Banking, Housing, and Urban Affairs asking to pass the Secure and Fair Enforcement (SAFE) Banking Act. The legislation would make it easier for cannabis businesses to access financial services, reducing some of the industry’s dependence on cash transactions.
Major Trade Groups Urge Senate Committee To Pass Marijuana Banking Bill
The passage of the SAFE Banking Act would help protect the cannabis industry by making it easier for cannabis businesses to work with banks or credit unions without fear of criminal charges or sanctions. It could also mean greater transparency and more capital investment into the industry. The ICBA and the ABA warned that without access to the financial services, businesses could struggle to keep proper records, pay taxes and employee wages – all of which would put them at a disadvantage.
The groups noted that the SAFE Banking Act is supported by a bipartisan majority in the Senate and several key state banking organizations. This includes the Conference of State Bank Supervisors, the California Bankers Association, the Colorado Bankers Association, the Colorado Credit Union Association, the Nevada Bankers Association, the Nevada Credit Union League, and the Ohio Bankers League.
However, the ICBA and ABA pointed out there are still some concerns that need to be addressed before the legislation can be passed. These include making sure the implementation of the bill is done properly by the new Financial Stability Oversight Council, as well as making sure to address the current lack of uniform regulations in the banking sector.
No blanket crypto trading ban yet in India
The Reserve Bank of India (RBI) has clarified its stance on cryptocurrency, noting that there is no blanket ban on trading in India. According to the RBI, it has not issued any such ban and that banks and other financial institutions should follow existing laws and regulations while dealing with customers.
The RBI issued a circular in April 2018 that barred banks and other financial institutions from dealing with or providing services related to virtual currencies. The move was widely regarded as an indirect ban on cryptocurrencies, as banks were suddenly no longer offering banking services to crypto-related businesses and exchanges. However, this did not mean that trading in cryptocurrencies was banned entirely.
In a statement released on Tuesday, the RBI said that it “has not prohibited VCs [Virtual Currencies] in India.” The statement pointed out that the circular only pertained to banks and financial institutions, not the general public. Therefore, individuals who want to trade in cryptocurrencies are free to do so on their own as long as they follow local laws and regulations.
The RBI added that it has been closely monitoring developments in the crypto space and is considering introducing its own digital currency, tentatively called the “Digital Rupee”. While the development of the digital rupee has been slow, the RBI said that it will have more details on the project in the near future.
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