China is expected to ban a new synthetic heroin substance called U-47700 , and they blame bitcoin as the currency “criminals” use to conduct transactions with their customers. They tend to think anonymous bitcoin trades on the dark web lead to people’s deaths at the hands of these synthetics.
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A June 19th article by ABC News read,
Yu said suspects use the internet to communicate with customers and use the anonymized digital currency bitcoin to transfer money, and that authorities were working with internet companies to try to stop such trade and the advertising of drugs on websites.
The drug in question is a heroin-style substance that Chinese authorities cannot seem to get a grip on. The article suggested that chemists constantly change the chemistry of the chemicals, which makes them technically legal. Then, using the dark web, drug dealers do cryptocurrency trades with Americans that lead to the deaths.
Dark Web Drug Usage Increase; Chinese Versus European Use
This news comes as recent research on dark web market activity has allegedly intensified. According to a ngscrypto.com article written by Samuel Haig, research by the Global Drug Survey has indicated growth in dark web purchase numbers.
Haig said, “European nations see the highest adoption of darknet markets among drug users. Finland showed the greatest uptake of dark market adoption, with 41 percent of Finnish drug users reporting that they had purchased narcotics using the dark web. Denmark came second, 27.2 percent, followed by The United Kingdom (25.3 percent), Wales (25 percent), Sweden (24.5 percent), and Scotland & Spain (22.5 percent).”
Interestingly, China’s/Asia’s numbers do not match the significance of the European use of the dark web to secure drugs. Still, governments are viewing digital currency transfers used in drug exchanges as more and more of a threat. It is true that law enforcement officials and agents have known digital currencies are a big aspect of the dark web…but now it appears they are wanting to blame synthetic heroin deaths strictly on bitcoin darknet transactions from Chinese merchants.
More politicians? More Regulations? Or more Bitcoin?
Adding insult to injury, there have been a flurry of threats to regulate and ban and control bitcoin. Some countries have already outright banned it ( Ecuador ) or have initiated strict restrictions ( China ). Therefore, with more condemnations of drug trades using the currency, it is possible that regulators will be further galvanized to lead an assault on bitcoin and dark web cryptocurrency trades.
Nonetheless, cryptocurrency market capitalization continue to soar , dark webs continue to proliferate, and more people continue to adopt the currencies. In Ecuador, regulators have not been able to stop the currency’s growth, and in China dark web transactions are still in full swing. No telling how politicians will decide to handle the ensuing growth of the crypto darknet marketplaces.
Do you think government intervention will affect the use of bitcoin? Let us know in the comment section below!