Using crypto for illegal drug transactions

[Alexandoy]

Our president has a campaign against illegal drugs. The so called buy-bust operation had caused the arrest of many drug vendors. What the vendors are doing now is to sell drugs online (using social media messaging) to avoid the buy-bust.

In report of an arrested drug vendor it was revealed that the payment is by crypto currency to elude the trackers of the money. The payment is remitted to several digital wallets that would be divided to several digital wallets and at the end of the line all those digital wallets will remit to a single wallet that the drug vendor would convert into real currency. The criminals are smart and they are always one step ahead of the authorities. I just don’t know how the cops could trace the money that are in crypto currency.

 

[Chibson]

I think as countries are becoming harsh against hard drugs, then criminals are also looking for ways in which they can manipulate the system and carry out their illegal business. Cryptocurrency can easily be used and some other things in the same that it is decentralized and cannot be traced whenever a transaction takes place. So, I think a little bit regulation will help in curbing criminal activities.

 

[Good-Guy]

Such kind of activities give cryptocurrency a bad rep. Cryptocurrencies are not bad at all, it is the bad people who make cryptocurrencies look bad. I am really not sure if cryptocurrencies can be properly regulated or monitored, but people who use cryptocurrencies for legal purposes will also suffer and have to go through KYC process even if they do not want to and this will happen just because of these bad people.

 

[Ahmedo24]

I think cryptocurrency regulations should help in this case because no matter how the funds are shared in different wallets which is later transfer in bits to one wallet they could be monitoring the wallet in line with the person holding the wallet through his or kyc to track him down. This attitude of drug Barron tracking is also a big challenge in the traditional currencies too. I hope they are able to track them.

 

[Yugocean]

Nowadays all type of criminal activities include digital currency. Same thing happened in India when a drug dealer got caught and Two exchange giants got involved against each other as informed Here,
Cryptocurrency has also given long arms to the outlaws, and to avoid this, KYC is becoming stricter in every platform.

 

[Lens1000]

There are accusations relating to cryptocurrency been used for illegal activities. In my country, cryptocurrency was banned because it was traced to been used in funding terrorism. Everyone keep wandering where the terrorist get the money they used from. The government took it upon itself to ban cryptocurrency in a bid to fight insurgency.

 

[Wisdom01]

That's the problem because the bad ones are taking advantage of the decentralised nature of crypto currency to carry out their so called illegal activities , I really hope this stops , because the high rate of criminal offences In using crypto currency is increasing on a high note and more attention to curb need to be drawn towards them to reduce the existence of crypto illegal activities

 

[sincerem]

Many criminals, drug pushers are simply hiding their crimes through crypto. By accepting payment through crypto so they'll tain anonymous. Cryptocurrency payment method have become safe place for them to do any kind of illegal business. They payment gateway needs to be regulated and tracked to fetch those are using it for illegal payments.

 

[kirillshift]

c'mon, drug dealers also use mobile phones, so why not ban it?
that's nonsense, crypto will have another bullrun when it gets mass adopted through regulation

 

[Alexandoy]

Many criminals, drug pushers are simply hiding their crimes through crypto. By accepting payment through crypto so they'll tain anonymous. Cryptocurrency payment method have become safe place for them to do any kind of illegal business. They payment gateway needs to be regulated and tracked to fetch those are using it for illegal payments.

I know that you are a crypto fan and yet you admit that crypto is being used in crimes. Money laundering is the biggest crime that they can do in our country. Maybe that issue will be the reason for banning the crypto coin in the future. China did it and other countries may follow suit if they see it fit to ban the crypto use.

 

[Mika]

This is one major issue for not accepting crypt currencies or banning crypto currencies. However, I believe this is a baseless claim. People were doing illegal activities, buying drugs, buying weapons, funding terrorism etc. long before the evolution of cryptocurrency, and they were doing these things with fiat currency.

 

[btaliat]

There is always one black sheep that always let the government excuse for banning crypto justifiable. It is not uncommon for people to be perpetuating evils using cryptocurrency. And these people have been the main excuse government is using against crypto. Though just like @Mika claim, crime can be carried out using any medium of exchange and not necessarily crypto.

 

[sincerem]

I know that you are a crypto fan and yet you admit that crypto is being used in crimes. Money laundering is the biggest crime that they can do in our country. Maybe that issue will be the reason for banning the crypto coin in the future. China did it and other countries may follow suit if they see it fit to ban the crypto use.

Their is no lie about what I said around Cryptocurrency even though I'm a fan of it. But I must condemn those who are using it for fraudulent pushing of public funds or illegal funds in an anonymous way. Crypto should be regulated in form of adding security to it, to combat the money laundering issues, and not banning it cos it isn't a fraudulent development of its own.