Canada Studies Cryptomarkets and Its Influence on Cannabis Amidst Imminent Legalization

Canada legalizes the use of recreational cannabis in a month, and authorities are more concerned about how that affects online drug markets.
Making an assessment of the impact the legislation would have on internet drug marketplaces, Canadian authorities are interested in how the development affects cryptocurrencies. This is due to the popular use of the TOR browser and digital currencies to make online payments, where anonymity and privacy are ensured.

Studying Cryptomarkets

To tackle this problem, the Department of Public Safety in Canada plans to begin a study with the ultimate aim of unraveling the uncertainties that consistently plague this type of trades. The study is not narrowed only to digital currencies but is meant to be detailed and unbiased; as it carefully focuses on different angles that matter. According to a tender notice published online, the study will focus on both buyers and sellers of cannabis on the crypto markets, as the tender reports say:

“The general goal of this project is to estimate the extent to which cannabis is illicitly bought and sold by Canadians on cryptomarkets, identify trends in the buying and selling behaviors of Canadian cryptomarket users, and discuss the policy and law enforcement implications of cryptomarkets within a Canadian context following legalization.”

In the prospective detailed study, as the first of its kind, one of the objectives would be to get the distribution count of conventional drug transactions occurring against the increase of online drug transactions on the dark web.
More importantly, the study, according to the Department of Public Safety Canada is supposed to reveal findings concerning the amount of Cannabis that was sold by local vendors in the past year, and how much of it was acquired by Canadians.

Moving for Legalization

For audiences unfamiliar with the terrain and the circumstances surrounding the pending decision that Canadian authorities are about to make, it no doubt begs the question: why now? Why legalize the commonly used drug after all these years? The answer is not far from reach though as the government believes legalizing and regulating a drug making one-third of every online drug transaction would help reduce criminal involvement in its purchase; not to mention that Canada is one of the leading countries in the world in the illegal trade of drugs on the internet.
Cannabis stock has shot up amazingly with such exponential increase since the announcement of its impending legalization, with its July listing price of US$17 already hitting heights of US$263.

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