White House Advisory Says Cryptocurrencies Used for Fentanyl Purchases

The White House issued two advisories on drug purchases in the U.S. Wednesday, using the communications to make specific references to the role of cryptocurrencies in such transactions.

The advisories, addressed to both financial institutions and digital payment platforms, state that “convertible virtual currencies,” particularly bitcoin, bitcoin cash, ethereum and monero, can be and have been used for illicit substance purchases on the clear, deep, and dark nets.

The advisory defines convertible virtual currencies as monies that are easily liquidated into stable fiat currencies such as the dollar.

Specifically noted is the drug fentanyl, a Schedule II controlled substance whose illicit cousin enters the U.S. through Mexico or China, per the advisories.

According to the Drug Enforcement Agency, fentanyl is 80 to 100 times stronger than morphine.

“An analysis of sensitive financial data indicates that domestic illicit drug manufacturers, dealers, and consumers…