Following the lead of the online currency Bitcoin, two new digital payment options have entered the cryptocurrency market, and both are aimed squarely at the marijuana industry.
The developers of PotCoin and DopeCoin claim their currencies offer customers a discreet, electronic way to pay for marijuana. They also claim that their products allow marijuana businesses to abandon the current cash-only economy and sidestep banks.
PotCoin’s developer said the currency is aimed at the state-legal marijuana industry, while DopeCoin’s developer admitted his product is aimed at both the legal and illegal drug trade.
Given the recent high-profile controversies and business failures surrounding Bitcoin, including the now-infamous Silk Road, both payment methods are also of questionable legality. The developers admit that no dispensaries are currently using their products.
PotCoin’s developers told the Huffington Post that they are experienced online entrepreneurs who were involved in unnamed high-profile startups. DopeCoin’s developer said he has experience in building mobile apps and third-party billing systems.