Drug Traders Using Darknet, Bitcoin In India

India is worried about increasing amounts of drug trafficking with anti-narcotics agencies decrying an increase in syndicates trading on the darknet using the digital currency bitcoin.

“For the first time we have detected drug traffickers using darknet and Bitcoin for running the racket in India. Some of these operatives are based in the country. We are probing them,” said an Narcotics Control Bureau (NCB) officer.

The darknet allows an anonymized version of the clearnet to be accessible only with certain software, such as Tor. The Times of India insinuated Bitcoin was not legal by calling it a digital money people use to get around “legal banking channels.”

NCB officials said:”The use of such ultra-secret measures is worrying but we are enhancing our capabilities to effectively and timely detect these instances.”

This marks the first time India has acknowledged the prevalence of black markets being used for the drug trade. Bitcoin has made international headlines due to darknet marketplaces such as Silk Road, where millions of dollars in mostly cannabis was traded before the founder, Ross Ulbricht, was convicted and sentenced to life in prison. Since then, the safety of darknet marketplaces have been questioned by

Read more ... source: TheBitcoinNews