White House Reveals The Cryptocurrencies Used To Buy Drugs

This August 21, the White House issued two advisories regarding the illicit drug purchases in the United States, both of which contain references to the specific cryptocurrencies which have been allegedly used as part of this process.

The advisories were featured on many best cryptocurrency news sites – as well as addressed to various financial institutions and digital payments platforms. As the documents by the White House 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 synthesised narcotics primarily sourced from China.”

In the altcoin news, there has been an outlining of the cryptocurrencies which were used to pay for foreign drugs. CVC, as you can see in the context, refers to “convertible virtual currencies” which include the names of Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH) as well as Monero (XMR), the White House noted. The drug fentanyl is apparently also noted by the advisories who said:

“Similar to purchases from a foreign source of supply using MSBs or online payment processors, individuals located in the United States search for fentanyl and identify potential websites that may provide the opportunity to purchase illicit drugs online. Foreign representatives will instruct the U.S.-based individual to send payments through CVC, such as bitcoin, bitcoin cash, ethereum, or monero.”

The latest cryptocurrency news show that the White House advisories note that “CVC transactions generate a significant variety of information elements that may be extremely useful to law enforcement.” Therefore, the financial institutions are always recommended to collect details in case of suspicion – including “virtual currency wallet addresses, account information, transaction details (including […] hash), relevant transaction history, available login information (including IP addresses), information obtained from analysis of the customer’s public online profile and communications, mobile device information,” etc.

As we reported last month, the US Department of the Treasury and the representative Steven Mnuchin said that the authority will be preventing Bitcoin from becoming an “equivalent of Swiss-numbered bank accounts.” Before this, Mnuchin said that he shares the president’s (Donald Trump) concerns about the use of cryptocurrencies towards financing illicit activity.
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