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Narcotic Drugs Being Bought for Crypto in the US

23 August 2019, 11:44
Votes: 1

Two advisories have been issued by the White House in order to prevent using digital coins for purchasing illicit drugs.

Narcotic Drugs Being Bought for Crypto in the US

These advisories were directed to digital payment platforms and financial institutions to take measures against suspicious transactions by reporting about them to the authorities. The documents indicated that dealers and consumers prefer using cryptocurrency payment systems for purchasing narcotics from China.

A typical scheme is when individuals located in the US are looking for certain websites to buy fentanyl. Once they found such a resource, these people would be guided by the site representatives on how to pay for their services by means of cryptocurrency.

Having analyzed multiple financial data, the US authorities came to the conclusion that convertible virtual currency transactions leave a trail that can be tracked by law enforcement. Therefore, collecting this information (transaction details and history, account information, virtual currency wallet address, etc.) by financial institutions and providing it to the regulator will help to better control the market, as well as combat the illicit drug problem in the United States.

As mentioned earlier, the US Government sees prospects in using blockchain technology in one of the economy’s sectors.

Read more: Cryptocurrency: Where to Start?

Read more: Bitcoin Price Prospects for 2019

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