White House Issues Circular on Deep Web Opioid Market, Targets Cryptocurrencies | BTCMANAGER
Bitcoin, Blockchain & Cryptocurrency News
The White House issued a notification stating their desire to take on a multi-faceted approach to shutting down the marketing efforts of illegal opioids being sold over the deep web. Synthetic opioids like Fentanyl have been selling like hotcakes over the dark web. Throughout the circular, they constantly talk about virtual currencies – mostly Bitcoin – stating they are used for money laundering and to facilitate illicit trade, August 22, 2019.
Pharmaceutical Opioids Thrive on Dark Markets
As explicitly stated in the circular, there needs to be more awareness regarding the depth of the issue on behalf of pharmaceutical companies, e-commerce platforms, communications companies, and social media applications. The White House also acknowledges that a significant amount of illicit drug trade happens through inter-personal connections or on the street.
Online dark markets offer people a wide variety of drugs from those with legitimate medical applications that are being diverted from real patients who require it to extremely harmful substances with no medical value.
Technology is advancing and the popularisation of Silk Road led to a number of drug traffickers looking at the internet as a prime source of sales. These individuals/entities were previously restricted to their own geographical region; now that the internet allows them to reach a massive amount of people, they are milking the opportunity for all it’s worth
Targeting Bitcoin and Lessons To Be Learnt
In several places in the notification, the White House has specifically pinpointed Bitcoin,