Cannabis banking in Washington

As of 2017[update], the state took in 95% of its cannabis tax revenue through banks (vice cash) and the Washington State Department of Revenue requires electronic funds transfer for tax payment, unless the taxpayer is unable to open a bank account.

[1][2] Washington's governor and United States Senators have attempted to preserve U.S. Department of the Treasury FinCEN rules in place since 2014 allowing banks to do regulated transactions with the industry, despite conflicting laws on legality at the Federal level.

[3][4] Some Washington cannabis business, particularly at point of sale, is conducted in cryptocurrency.

[7] A cashless transaction system was created by POSaBIT and used in Washington cannabis establishments c. 2017.

It would convert US dollars from a customer's debit card swipe to cryptocurrency for expenditures made at the retail establishment.