Popular crypto critic & US democratic slammed cryptocurrencies and said that cryptocurrencies are an illicit tool for the illegal dark drug industry.
Elizabeth Ann Warren is a 73 years old American politician and former law professor who is the senior United States senator from Massachusetts, serving since 2013. She is popular in the crypto sector because of her crypto-hater stance.
Earlier today, Elizabeth introduced a bill to update the existing money laundering laws & also to remove the potential loops in the existing framework to prohibit money laundering because of cryptocurrency use.
The US senator said that cryptocurrencies are playing a vital role to help illegal businesses to evolve and also day by day drug trafficking activities are surging because of the cryptocurrencies’ use.
“Crypto is helping fund the fentanyl trade. And we have the power to shut that down,” Elizabeth said.
Crypto & drugs
According to a recent report by the US Centers for Disease Control and Prevention, around 150 people die every day because of an overdose of Fentanyl and other synthetic opioids.
As per US Drug Enforcement Administration 2020 report, China & Mexico are the origin of such drug trafficking businesses.
When US senator Elizabeth asked Rosenberg, the Treasury Department’s assistant secretary for Terrorist Financing and Financial Crimes, whether illegal drug dealers in China are using Cryptocurrencies as a payment option or not.
Then Rosenberg confirmed that they use cryptocurrencies in their illegal activities, despite the blanket ban on cryptocurrencies in mainland China.
This is a bitter reality that a crypto ban is not an option to prohibit the misuse of cryptocurrencies or even cash form of money.
Some neutral experts believe that the cryptocurrency business should be regulated perfectly because it will help to trace all kinds of illegal activities, which is not possible in the cash form of money.