Lately, digital currencies have increasingly been making the news for being associated with drug cartels. The objective of the adoption of cryptocurrencies by many Mexican drug cartels is for the purpose of money laundering and selling drugs. A media organization reported on Twitter about the increasing use of cryptocurrencies, particularly Bitcoin in Mexican drug cartels. Mexican Drug Cartels Increasingly Use Bitcoin (Report) #Bitcoin #cartels #Crypto #drug #increasingly #Mexican #Reporthttps://t.co/zwgz42bhlS — Krypto News Deutschland (@Krypto_Deutsch) March 12, 2022 How Do Cartels Incorporate Cryptocurrencies? The International Narcotics Control Board on March 10, 2022, reported two drug cartels in Mexico that are believed to be involved in $25 Billion worth of money laundering and online purchases of Bitcoin (BTC). At first, the drug proceedings are divided into small payments to avoid money laundering controls. Then these cartels purchase small amounts of Bitcoin and conceal the origin of money. Thereafter, these payments are transferred to associates across the globe. Cryptocurrency has become a boon to these organized criminal groups. The two major features that make cryptocurrency valuable are the anonymity and speed of transactions. The post Drug Cartels Increasingly Use Cryptocurrency appeared first on Cryptoknowmics-Crypto News and Media Platform.
