Cryptocurrency Might Be Used to Sponsor Sex Slavery and Drug Trafficking 238

cryptocurrency illegal

Being a fairly new concept, cryptocurrency is rushing into different spheres of life, sometimes even the non-conventional ones. For example, we wrote about the night club in Las Vegas which accepted cryptocurrencies as a way to give a tip to strip dancers. However, our world is not a perfect place, and it was only a matter of time that digital currencies would get involved into something illegal.

The US government has been closely monitoring cryptocurrency and all the operations related to it. Recently the Congress has come up with a new way of researching and regulating the digital coins: the officials will now analyze the possibility of cryptocurrencies being used for sex and drug trafficking.

The Congress has established a Fight Illicit Network and Detect Trafficking Act. This Act will be the “green light” for CIA, FBI, DEA (Drug Enforcement Administration) and other security organizations to start tracking down the flow of cryptocurrency.

Many officials approved of the Act. Many of them think that being a very unpredictable and unregulated digital asset, cryptocurrency should be treated with caution. According to the Congressman, Emanuel Cleaver, the state needs to ensure that digital currencies “are not being used to facilitate radical campaigns of abuse, harassment and/or violence against Americans.

In one year, on examining all the necessary reports, the Congress will check the effectiveness of the Act and the necessity of restricting cryptocurrencies in the USA even more.

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