Whitehouse Reveals Cryptocurrencies Are Being Used to Purchase Illegal Drugs

Hey ninjas, how’s the trading going? With the recent instability of Bitcoins price, a substantial amount of crypto users seem to believe that BTC has lost its momentum, but many still believe that Bitcoin would still be a safe haven in times of “turmoil”. BTC is reporting losses on the day and has once again fallen below the $10,000 margin, BTC is currently trading at $9,998 at press time and is down 1.75% on the day. 

On the 21st of August, the United States White House issues two advisories concerning the use of specific cryptocurrencies to purchase Illegal drugs in the United States.

The released document stated that after an analysis was performed on “sensitive financial data” it was made clear that manufacturers of illicit drugs, dealers and consumers were making use of online payment platforms or CVC (convertible virtual currencies) to purchase chemicals which could be used to synthesize illicit drugs or already made drugs from china. 

The documents released specified which virtual currencies were used to purchase these foreign drugs. The documents stated that US-based individuals in search of a drug known as Fentanyl would locate sites that offer the opportunity to purchase the requested drug and foreign representatives would request for payments using virtual currencies, such as Bitcoin, Bitcoin Cash, Ethereum or Monero.

The documents also recommend financial institutions to collect information on CVC transactions as this information may prove useful to law enforcement. Information such as account information, transaction details, transaction history, available login information, mobile device information. 

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