A couple of years back, when the officers at the New York airport conducted their normal search duties, they could successfully seize around seven packets of a drug called fentanyl from passengers who were due to board flight. Few years down the line, the number of packets seized has shockingly risen over 100. What’s more shocking is that these illegal purchases were conducted by using the infamous cryptocurrencies.
Although cryptocurrencies have been launched in the market to solve the current underlying problems and improve the transaction time in transferring funds, due to its anonymity and deregulated environment, the criminals and drug sellers are using these options to trade the material and gain digital money through it.
This information, if found to be true, will be dealt with strictly and compel the lawmakers in the U.S to make stricter regulations in crypto trading that may indirectly affect the trade price of businesses that deal with crypto altogether. As of now, the lawmakers are leaving no stone unturned to regulate this trading voicing their opinion about the drug abuse, which will eventually expand to more number of citizens and lead to drug abuse if it is not dealt with immediately.
Previously, this kind of illicit purchases was conducted through DarkWeb and the transactions were conducted through debit and credit cards only. Now the sellers have switched to crypto trading and offer lucrative deals like 10% off and unlimited purchases to entice the users who are willing to purchase drugs through their digital assets. Funnily enough, these transactions are not private because the personal details are anyway captured by the exchanges used by the user during the purchases.
Do you feel that these illicit activities will harm the genuine traders who have invested their money for the sheer interest of the coin usability and believe in the technology? Do you think that like DarkWeb, even cryptocurrency will soon become an illegal trade activity and be banned everywhere in the world? Punch in your thoughts about this latest development and let the discussion begin!