Altcoin News: White House Concerned About Cryptocurrencies in Drug Trafficking
August 22, 2019, by Marko Vidrih on ALTCOIN MAGAZINE
The US authorities on Wednesday published several advisory opinions, one of which directly describes the role of cryptocurrencies in the purchase and sale of substances prohibited for civil circulation.
The publication on the White House website addresses financial institutions and digital payment platforms that need to take into account that “convertible virtual currencies”, in particular, Bitcoin, Bitcoin Cash, Ethereum and Monero, can be used to trade such substances on the open and deep Internet.
According to the White House, convertible virtual currencies can be converted into stable fiat currencies such as the US dollar without any barriers, and illegal substances primarily mean opioid fentanyl, which enters the United States from Mexico and China.
“ Concurrently, the Department of the Treasury announced it is identifying two Chinese nationals and a China-based Drug Trafficking Organization as significant foreign narcotics traffickers pursuant to the Foreign Narcotics Kingpin Designation Act (Kingpin Act) and designated one associate and a China-based entity for being owned or controlled by one of the Chinese nationals,” the publication says.
The White House appeal is part of a broader US government program to “end the fentanyl epidemic,” which examined various payment methods, including cryptocurrencies.
Recently it became known that the Department for Foreign Assets Control of the US Treasury Department included in the blacklist cryptocurrency addresses of three Chinese drug dealers.
Author: Marko Vidrih
