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South Korea to fight against crypto use in drug trafficking

South Korea to fight against crypto use in drug trafficking 2

Yoon Seok-yeol declared war against crypto-supported payments in drug trafficking.

South Korea is a very big crypto-friendly region. Crypto is fully regulated under the jurisdiction of South Korea. In late 2021, South Korean financial watchdogs imposed many strict measures on all the country’s crypto companies to ensure the prohibition of misuse of cryptocurrencies via crypto exchanges.

On 18 April 2023, South Korean President Yoon Seok-you said that all the government agencies in the country need to mobilize to fight against the surging consumption of drugs in the country. 

The Korean president noted that the demand for drugs is also surging among teenagers and also they are involved in drug trafficking. 

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Yoon Seok-yeol noted that drug smugglers are using encrypted messaging platform Telegram, cryptocurrencies & dark web.

Recently a very strange case came up in Korea, where a 13 years old girl was found slumped in a public stairwell after allegedly using crypto to buy $300 worth of methamphetamine (a cryptal form of meth drug).

According to the South Korean president, the country was free from drug trafficking cases over the last 10 years but in recent years drug smuggling surged badly and so far 20,000 cases of drug trafficking have been reported in the country this year.

Privacy coins & challenges

However Bitcoin & other flagship crypto assets are better to achieve privacy in financial activities, as the whole money transaction works on random crypto addresses in most of the crypto wallets, but privacy tokens help people to achieve 100% anonymity. 

In all privacy-focused crypto assets, no one can trace crypto transactions in the network and it has been found that high-level drug smugglers use coins like Monero, Zcash, Dash, etc. 

Read also: MetaMask dev claims MetaMask wallet was exploited

South Korea to fight against crypto use in drug trafficking



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