New U.S. Bill Puts Stop To Bitcoin Drug Trafficking

While the crypto market continues it’s bullish behavior, crypto enthusiasts are too focused on whether to buy or keep holding on to their crypto assets. Meanwhile, the United States Congress has their eyes set on a different sort of goal. They just passed a new bill that attempts to put a stop to Bitcoin drug trafficking. Will it affect the market?

BITCOIN DRUG TRAFFICKING HIGH PRIORITY FOR U.S. GOVERNMENT

On January 28, 2019, The U.S. House of Representatives¬†passed a bill called “the Fight Illicit Networks and Detect¬†Trafficking Act of 2019.” Not a short name but it hopes to make short work of drug and sex trafficking in America. The first part of the bill starts off with a study into how crypto and digital marketplace are used for the promotion and facilitation of drug and sex trafficking. But is bitcoin drug trafficking really a thing or is this just another shot by the mainstream media?

IS BITCOIN DRUG TRAFFICKING REAL?

If one just reads the outline of this bill, you’ll think that we still exist in the “wild west” days of bitcoin where pimps and pushes are hiding in the shadows and using digital assets for criminal behavior. At least that’s how it looks through the eyes of California Democrat Juan Vargas. Vargas, who first introduced this bill back in 2018 has no evidence on this theory. Hence, the need for a proper study. Yet, this sort of bad press is exactly what the crypto market does not need right now.

CRYPTO NEEDS TO SHAKE OFF THE BITCOIN DRUG TRAFFICKING IMAGE

Before we see real substantial growth, the crypto market needs to shake off this “dark web” image it’s had since 2009. It’s starting to go away but then certain media outlets bring it back with news like this. So what are you to do as a crypto enthusiast? Well, if you really support the movement, then keep holding. In fact, since the market is down, it’s best to buy crypto when its’ cheap.

If you need a loan, consider crypto backed lending platform YouHodler. Here, users can put up their crypto as collateral in exchange for a fiat cash loan. You a then use this cash to reinvest in the crypto market and strengthen its utility. On the other hand, you could use the loan for crypto mining, bills or anything else. The fact is, this platform helps you support the crypto movement without sacrificing your portfolio.

Comments