By Marguerite Arnold
Not only did Luxembourg just make some cannabis news lately by setting a two-year timeframe to legalize cannabis for adult-use, but another kind of reform also seems to be on the horizon. The small country of just under half a million people also seems to be looking at cryptocurrency models right now.
In fact, as of October, Price WaterHouse Coopers will begin to accept Bitcoins as payment. Could the Luxembourg market, in fact, become the new center of all things cannabis and crypto in Europe?
The answer – anything is possible.
However, given the more advanced state of regulatory structure around both developing industries, it is likely that if and when crypto and tokenization models are tested in Luxembourg, whether or not they are paired with cannabis in some way, the spectacular flameouts seen in the American crypto cannabis markets several years ago is less likely albeit still possible.
The excitement about recreational cannabis reform in Europe, of any kind, may do silly things to crypto associated with any cannabiz associated with the same.
While the tokenization of cannabis certainly represents one way to deal with many supply chain problems, it is not an automatic fix. The engineering of the blockchain, the specific processing involved, and how it solves not one, but multiple pressing problems are all issues that impact how usable platforms are, what is actually tokenized, what information that token contains, as well as its potential functionality within the ecosystem.
Nevertheless, the proximity of the two reforms leaves the door open for ingenuity, if not creativity to start cooking in Luxembourg’s nascent crypto canna kitchen.
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