The Russian Federal Drug Control deems that Bitcoin poses a security threat to the nation, despite it being an even more preferred way of sending payments.
It’s particularly popular amongst drug dealers who value the anonymity that bitcoin provides, compared to other forms of currency which can easily be traced by authorities.
Apart from being a secure source of exchanging online currency, transactions are also made easier and can be completed in just a few minutes.
While some people may see Bitcoin as an indispensable tool for e-commerce, its strengths could as well be labeled weaknesses especially when criminals take advantage of the unregulated currency to move money.
Bitcoin can be accessed from anywhere around the world.
It is speculated that it will be a top contender as a new globally accepted digital currency within 5 years.
Bitcoin transfers are absolutely secure making it simpler for traffickers to move payments anonymously.
This helps dealers not to be caught easily since buying and selling is done anonymously from both sides of the divide.
Nevertheless, since Bitcoin transactions can be viewed in real time by anybody, and from anywhere around the world, cashing them out can be a little bit tricky.
But to dealers this is just a minor inconvenience that makes using the currency even more thrilling.
There has only been a slight increase in drug trafficking cases reported, though the Russian Federal Drug Control is already placing liability on Bitcoin.
Authorities view the currency as a major contributor to the rise of Russia’s drug trade.
However, those responsible for managing this off-grid financial platform take no credit for the accusation.
Stating instead that being a digital currency doesn’t mean Bitcoin is any different from other sanctioned currencies.
Even though it remains unregulated till date, many countries have shown interest in closely monitoring its movements.
The Russian Federal Drug Control has maintained that while there’s no major impact on local drug trade, it’s just a matter of time before the problem gets worse.
Acting head of the RFDCS, Dmitry Brawlers, said he noticed how traffickers are nowadays using Bitcoin more frequently than before.
Dmitry refused to give details as to where he obtained this information, rather stating that Bitcoin could soon become a favorite monetary tool for drug dealers.
Not just in Russia but all around the world.
Despite these views, some people still feel like his claims are biased and short-sighted since he did not give any sources whatsoever.
That being said, Russia has for long not been a champion for Bitcoin currency.
In fact, some officials have openly criticized it without hiding their discontent towards any digital currencies that are already in circulation.
Although Brawlers’ Bitcoin view and that of the other government officials may be true, lack of tangible evidence to support the claims only means that they remain allegations yet to be substantiated.
Anyone can come up with a convincing opinion that could either be true or only meant to feed media sources, it’s through providing solid proof that such information can be verified as correct.
Bitcoin provides traffickers with an easy way of moving money through underground circuits.
Whereas it’s impossible to track payments on this platform, the same cannot be said of those walking around with envelopes containing notes, or sports bags filled with millions of paper currency.
Bitcoin doesn’t offer such “easy to spot” giveaways on criminal activity, considering that people can send money anywhere around the world with just a few button taps.
It should therefore not come as a surprise that Bitcoin has managed to attract the attention of cyber criminals throughout its existence.
Nevertheless, with no personal data pointing to any financial transactions, including the convenience it provides when moving funds around, certain misconceptions and overall confusion about its nature have emerged.
Unlike other monetary forms, this digital currency is not controlled by government or banking institutions, hence, creating a financial ecosystem that’s completely off the grid.
However, this also makes it difficult for traffickers to convert large sums of the digital currency to fiat currency.
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