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Congress To Study The Use of Cryptocurrency In Sex And Drug Markets

The Congress of the United States has ordered a study about the possible uses of cryptocurrencies in online decentralized marketplaces of drugs and sex. They have ordered this due to the increasingly popular use of cryptocurrencies as a preferred payment method for illegal purposes.
The American Congress has taken a sudden interest in cryptocurrencies and its possible uses, with the purpose of first having the needed knowledge of the issue to formulate a proper regulation about those matters. The bill, introduced by Representative Juan Vargas, a Democrat, seeks to do right that.
The bill, named “Fight Illicit Networks and Detect Trafficking Act”, or as it is more commonly known, “FIND Trafficking Act”, will study how cryptocurrencies are inserted into the business model of two big illegal industries: the sex trafficking marketplaces that force people to perform sexual acts under coercion; and the drug trafficking and money laundering businesses online, that cover themselves with the use of alternative payment methods and distribution.
The problem with this bill is that it could affect willing sex workers that are already taking payments through this methods right now. Cryptocurrency has been adopted widely by sex workers due to the unfriendly attitude that the banks and some laws promulgated by the same government. These laws allow banking and financial institutions to block and close accounts to legal sex workers and performers without notice. This has already happened before.
More so, it would also affect adult oriented token issuers like Vice Token, Bunny Token, and Verge, that has signed a partnership with Pornhub recently. If the sites where these tokens are being used are linked to any kind of paid sex work, they could also be charged with crimes, depending on what the regulation states.
The bill states that in no more than in a year, the study needs to be presented to the Congress, with recommendations made to difficult the use of such crypto assets for these criminal purposes.

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