Two years ago, seven packages of fentanyl were seized at a New York airport. This year the number of packages seized so far is 146, and most of it was bought and paid for with cryptocurrencies.
This is exactly what will likely prompt U.S. lawmakers to step up the process in putting regulations in place for the crypto space.
In several recent hearings, lawmakers have voiced their concerns about cryptos being used to purchase opioids, which is fueling the country’s soaring addiction problem.
The crypto/opioid connection was highlighted in a recent CNBC report.
Let’s discuss.
Where there is a will there’s a way
Criminals have long used the DarkWeb to sell and buy anything that could be illegal. Mostly credit and debit cards had been used.
Now authorities are seeing an uptick in the use of cryptos, especially Bitcoin.
The perceived anonymity of cryptos make criminals and users see them as the perfect means for criminals to purchase illicit drugs. What’s loss upon many people, however, is that their transactions are not completely anonymous. Users have to convert their money through an exchange, which collects their personal information.
No matter, cryptos are still increasingly being used to make these illegal purchases.
It appears that the drug fentanyl is one of the top drugs being sought.
Sellers recognize this, and have become so brazen in attracting buyers that they often offer discounts for people buying with Bitcoin.
According to CNBC, dealers have advertised that they’d switched to Bitcoin payments only, and offer a 10% discount. Noted also was that by paying with the crypto, the buyer could make unlimited purchases.
Congressional concerns
During hearings earlier this year, Congressional leaders were schooled about cryptocurrencies by the chairs of the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission. They were also hearings in which several industry experts spoke to them.
One of the main questions that continued to be asked of these experts by Congressional members related to controlling the use of cryptos from being used to make drug purchases.
Bills have been introduced that directly relate to digital currencies, but so far none has been passed out of either the House of Representatives or the Senate.
This article appeared first on Cryptovest
