Bitcoin is becoming more known for criminal activity these days; especially when it comes to dealing and trafficking drugs. It could be because it is the only anonymous pay platform to date, or the simple fact that its online, and safer than dealing with cash. The Russian Federal Drug Control Service says that the ever growing Bitcoin use is a big threat to the country.
What many people are seeing as Bitcoins key strengths could, very well be construed as its biggest weaknesses. Being able to move your money anywhere in the world within a few minutes at little cost is what is making Bitcoin a big player in the game as a new global digital currency. It’s speculated that within 5 years it will be the top contender.
Bitcoin also makes it easy for online drug dealers to accept payment, and move said payment almost totally anonymously. This helps people to not get caught so easily, and makes buying and selling anonymous for both sides. With all anonymity aside, there are still cases of people being raided and arrested for buying and selling drugs online. Bitcoin transactions can be seen in real time by anyone, anywhere in the world. This makes it easy to trace where the funds are coming from and where they are going. This makes cashing out bitcoins a little trickier.
To the dealer, this is only a slight risk and makes using Bitcoin all that much better. While there is only a slight increase seen, the Russian Federal Drug Control is placing blame on Bitcoin. They see Bitcoin, being unregulated by banks and governments; a key player in the rise of Russia’s drug trade. The Off-grid financial platform takes no credit for this. After all, being a digital currency is really no different than being a fiat currency. Even though Bitcoin is still unregulated, it is closely monitored by almost all the countries in the world.
The Russian Federal Drug Control has said while there is not a big impact on their drug trade, it is only a matter of time. Dmitry Brawlers, acting head of the RFDCS, has noticed how drug dealers are using Bitcoin more and more often. Brawlers declined to give where he found his information, however he did also say that Bitcoin could become a favorite financial tool for the drug trade; not only in Russia, but all over the globe.
Brawlers again failed to produce any sources for his claims and people are now arguing that his opinions are bias, and short sighted. Russia has never been a fan of Bitcoin; as Russian officials have never made any effort to hide their negativity towards any digital currency. So while some signs of what Brawlers, and much of Russia’s government officials, are saying and feeling about digital currency may in fact be true, the lack of any real physical evidence makes they’re allegations just that; allegations. It’s not very hard to come up with a crazy opinion that could be true for a big media storm, but without facts being laid out to back that up, there is no proof. -AmericanGuerrilla1