An official of the ICE has expressed before the U.S. Congress, that cryptocurrency transactions are traceable. As per the official, digital currency transactions make criminals vulnerable and a simple target for law enforcement.
Combating the utilization of Cryptocurrency in drug trafficking
Assistant Director of domestic operations, a division of the ICE, Matthew Allen, said throughout a hearing before the united states Senate Caucus on International Narcotics control, that transactions involving crypto to fiat or vice versa, can be traced.
According to an official pdf document, Allen expressed that one of the ways drugs were trafficked into the United States was through digital currency. The assistant director further listed Bitcoin and Monero, among others, used for illicit activities.
Furthermore, Allen said that unregulated cryptocurrency exchanges use Peer-to-Peer (P2P) exchange to enable drug trafficking. Users of P2P exchange advertise the quantity they're willing to buy or sell cryptocurrency on selected websites. This category of illicit P2P exchangers charges a premium worth for client namelessness. They either sell higher than market value or purchase below market price.
However, the ICE official positively states that illegal digital currency transactions will be traced, once users try to convert from fiat to cryptocurrency or vice versa. According to Allen, these exchanges create vulnerability and exposes criminals to law enforcement methods. Further emphasizing this point, Allen said:
"Utilizing traditional investigative methods such as surveillance, undercover operations, and confidential informants, coupled with financial and block-chain analysis, ICE-HIS is able to disrupt the criminals and dismantle the TCOs, as well as the cryptocurrency exchangers who typically launder proceeds for criminal networks engaged in or supporting darknet marketplaces."
Apart from the utilization of the strategy mentioned higher than to combat drug trafficking, the ICE official also said that investigators are trained. The training helps curb the purchase of drugs using virtual currencies. Also, collaborations with domestic and international partners have contributed to fighting drug trafficking with success.
Cryptocurrency isn’t exactly conducive for Criminal Activity
Several countries, financial institutions, restrictive bodies, and critics powerfully see cryptocurrency as a viable tool for illegal activities. This can be primarily due to the digital asset’s emphasis on anonymity. However, studies have shown that criminals don’t specifically find virtual currency appealing for illegal activities.
Recently, Lilita Infante, a United States dea special agent, said that speculative investors and not criminals dominate Bitcoin transactions. according to Infante, price speculations take the central stage in transactions, instead of criminal activities. The agent further noted that criminal activity reduced to concerning ten percent, but said that virtual currency remained the highest choice for transactions in the dark web.
Infante’s statement, however, contradicts the claims created by cryptocurrency critics and government bodies that criminals dominate virtual currency transactions.
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