RATE Group | Cryptocurrencies Used to Buy Illicit Drugs, Says White House
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Cryptocurrencies Used to Buy Illicit Drugs, Says White House

22 Aug Cryptocurrencies Used to Buy Illicit Drugs, Says White House

Posted at 07:47h in Cryptocurrency News by

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On Aug. 21, the White House issued two advisories regarding illicit drug purchases in the United States that contain references to the specific cryptocurrencies allegedly used as a part of this process.

The advisories were addressed to various financial institutions as well as digital payments platforms. The documents state:

“An analysis of sensitive financial data indicates that domestic illicit drug manufacturers, dealers, and consumers use online payment platforms or CVC to purchase precursor chemicals or completely synthesized narcotics primarily sourced from China.”

White House: crypto used to pay for foreign drugs

In the context of the documents CVC refers to “convertible virtual currencies,” particularly Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH) and Monero (XMR). The drug fentanyl is also noted specifically in the advisories:

“Similar to purchases from a foreign source of supply using MSBs or online payment processors, individuals located in the United States…

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