Earlier this week on the 21st, two advisories were issued from the White House in regardings to illegal drug purchases in the United States that contain references to specific cryptocurrencies which were allegedly used as part of the process. The advisories were addressed to various financial institutions as well as digital payment platforms. The documents state: “An analysis of sensitive financial data indicates that domestic illicit drug manufacturers, dealers, and consumers use online payment platforms or CVC to purchase precursor chemicals or completely synthesized narcotics primarily sourced from China.” Crypto Drugs? In regards to the context of the documents, CVC refers to “convertible virtual currencies,” specifically Bitcoin Cash, Bitcoin, Monero and Ethereum. The drug fentanyl (often mixed with cocaine or heroin) was also noted by the white house advisories: “Similar to purchases from a foreign source of supply using MSBs or online payment processors, individuals located in the United States search for fentanyl and identify potential websites that may provide the opportunity to purchase illicit drugs online. Foreign representatives will instruct the U.S.-based individual to send payments through CVC, such as bitcoin, bitcoin cash, ethereum, or monero.” The advisories went onto highlight that “CVC transactions generate a significant variety of information elements that may be extremely useful to law enforcement.”  With this, financial institutions are recommended to collect these details in case of any suspicion, including: “Virtual currency wallet addresses, account information, transaction details (including [...] hash), relevant transaction history, available login information (including IP addresses), information obtained from analysis of the customer’s public online profile and communications, mobile device information, [etc.]”. Reports came out in July about Steven Mnuchin, the US Treasury Secretary said that the authority will be preventing Bitcoin from becoming an “equivalent of Swiss-numbered bank accounts.” It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!