News Canada Encourages Cannabis Sector to Use Cash, Analyst Predicts...

Canada Encourages Cannabis Sector to Use Cash, Analyst Predicts Boost to Privacy Coin Adoption

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The Office of the Privacy Commissioner of Canada has published a document advising Canadian citizens to use cash to conduct transactions pertaining to cannabis in order to protect personal information. In response to the guidance, Etoro market analyst Mati Greenspan has predicted the liberalization of Canada’s cannabis sector will bolster local privacy coin adoption.

Also Read: How Have Bitcoin Futures Performed One Year On?

Canadian Government Advises Consumers to Consider Privacy When Purchasing Cannabis

Canada Encourages Cannabis Sector to Use Cash, Analyst Predicts Privacy Coin AdoptionThe office of the Canadian Privacy Commissioner has published a “guidance document” seeking to warn cannabis users of privacy concerns pertaining to transactions related to marijuana.

The document, titled “Protecting personal information: Cannabis transactions,” emphasizes that “Cannabis is illegal in most jurisdictions outside of Canada,” and as such, the personal information of cannabis users should be treated as “very sensitive.”

For example, the privacy commissioner highlights concerns that “some countries may deny entry to individuals if they know they have purchased cannabis, even lawfully.”

Cannabis Retailers Urged to Recognize Sensitivity of Customers’ Data

Canada Encourages Cannabis Sector to Use Cash, Analyst Predicts Privacy Coin AdoptionThe commissioner pressures cannabis retailers to ensure that “adequate physical, technological, and organizational security measures are in place to safeguard personal information,” emphasizing that security processes “must recognize and respond to the sensitivity of this information.”

Where possible, the commissioner asks that retailers collect “the least amount of personal information” and “refrain from recording personal information” in order to minimize the impact from potential data breaches.

The document also recommends that retailers collect email addresses rather than names and addresses for mailing lists or memberships, and “only use video surveillance as a last resort.”

Privacy Commissioner Encourages Cannabis Consumers to Purchase With Cash

Canada Encourages Cannabis Sector to Use Cash, Analyst Predicts Privacy Coin AdoptionThe commissioner emphasizes that cannabis purchasers take care not to provide more personal information that is necessary to retailers, noting that consumers may be required to show identification in order to verify age.

The guidelines also recommend that consumers ask retailers whether personal information is stored on servers located in Canada or overseas, encouraging consumers to only trade with retailers that host information in Canada.

The privacy commissioner also advises that consumers avoid conducting transactions using credit cards as such involve the collection of the credit card number and cardholder’s name. Instead, the commissioner encourages Canadians to consider using cash to conduct cannabis-related purchases.

Etoro Analyst Predicts Boost to Privacy Coin Adoption

Canada Encourages Cannabis Sector to Use Cash, Analyst Predicts Privacy Coin AdoptionMati Greenspan, a market analyst for Etoro, took to Twitter to react to the privacy commissioner’s document, predicting that the government’s criticisms of the mainstream electronic payment infrastructure will likely boost the adoption of privacy coins among Canadian citizens.

“This will almost certainly increase the usage of privacy coins…in Canada,” Greenspan tweeted.

Do you think that Canada’s warning to cannabis consumers and retailers regarding the sensitivity of personal information will boost local privacy coin adoption? Share your thoughts in the comments section below!


Images courtesy of Shutterstock.


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