In October this year, Canada became the second nation to legalize the use of recreational marijuana. But Marijuana is still illegal in most other countries which raises privacy concerns for Canadian Cannabis users.
The transaction information of Canadian Cannabis users is sensitive because that data can be used by other countries where Marijuana is illegal to target them and or deny entry. By using centralized institutions such as banks users put their data at risk.
One more area where the user data could be leaked is payment information. The Privacy Commissioner of Canada encourages Cannabis users to use cash to purchase Marijuana instead of Credit cards.
The document mentions: “If you are concerned about using your credit card, and the option is available, consider using cash to purchase cannabis.”
The Utility of Privacy Coins
The early use case for Bitcoin was on the silk road to buy drugs, but that use case is no longer viable due to the transparent nature of the Bitcoin Blockchain. Privacy-focused Cryptocurrencies like Monero provide this feature by being fungible and having untrackable addresses on the Blockchain.
Senior analyst at eToro, Mati Greenspan sees this as a perfect use case for Privacy centric Cryptocurrencies such as Monero and Dash.
This will almost certainly increase the usage of privacy coins, especially Dash and Monero in Canada.https://t.co/C7yf4VBJSx
— Mati Greenspan (@MatiGreenspan) December 19, 2018
Due to the higher demand for marijuana and increased awareness of privacy among Canadians, there is a good chance for Cryptocurrency adoption in Canada.
Image Source (Modified): Unsplash
Did you like the news you just read? Please leave a feedback to help us serve you better