UN asks to regulate bitcoin to stop drug sale on the Internet

The United Nations (UN) proposes the implementation of greater regulation on cryptocurrencies to stop the rise of the drug market through the dark web (known as dark web).

This was revealed in the annual report of the UN Office on Drugs and Crime (UNODC) released on Thursday, June 24, 2021 in the city of Vienna, Austria. The text notes that currently the narcotics market generates annual sales worth $ 315 million.

The report noted, in a section devoted to the role of technology in the drug trade, that the coronavirus pandemic accelerated the digitalization of this market, with lower street sales and more through the web, plus an increase in narcotics purchases via the internet and mail delivery.

The document stressed that in the future a globalized market for illegal drugs on the Internet can be created, which fears that access will be facilitated and that this will affect consumption patterns. Many of these transactions are made with cryptocurrenciesas they emphasize.

The publication ensures that rapid technological innovation, combined with the agility and adaptability of drug traffickers, who now use new online platforms to sell drugs and other illicit substances, likely to increase the availability of drugs.

The globalized drug market, which is likely to develop through the Internet, will require a global response with innovative but human rights-compatible tools.

Annual report of the UN Office on Drugs and Crime (UNODC).

What is stated in the report regarding the use of cryptocurrencies in the world of drug trafficking and terrorism is part of an opinion matrix, which is currently being disassembled, based on a series of investigations that show that the link between cryptocurrencies and criminal acts is not so strong, as this media has reported in previous publications.

In that sense, a study by the European Parliament showed that there is only a small number of documents and confirmed cases of terrorist financing, involving cryptoassets. However, the international body does not rule out that the interest of terrorist groups in cryptocurrencies increases.

The UN calls for regulation of cryptocurrencies to curb the sale of drugs on the internet. Source: Wikipedia.

The drug puzzle in Latin America

The world drug problem in Latin America is also touched on in the UN document. In this section he revealed that cocaine trafficking between South America and Europe is the second largest drug route in the world and it continues to evolve.

The text clarified that the area under coca cultivation decreased globally by 5% in 2019, largely due to the first significant drop in cultivation in Colombia in the last six years. Despite this, that country remains the largest source of cocaine in the world.

The study warned that the COVID-19 pandemic and the resulting socio-economic consequences could increase the vulnerability of farmers and create incentives for them to continue producing coca leaf.

At the end, the paper talks about the positive trends he observed in his study. He says the increased use of technology during the pandemic also generated innovation in drug prevention and treatment services. This is through more flexible healthcare models such as telemedicine, which allows healthcare professionals to expand their reach and provide medical or preventive care to more patients.

On the use of bitcoin by drug traffickers in Peru, Colombia and Bolivia there is already a precedent that was reviewed by CriptoNoticias on May 1, 2021. For this irregular fact a UK court sentenced to 13 and 10 years imprisonment respectively.

The defendants managed to earn about $ 5 million in bitcoin and other cryptocurrencies for his operations for two years. They used LetsWork and TheOnlyLw, two dark web sites, to direct their retail and wholesale business operations. Payments had to be made using cryptocurrencies.

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