According to a recent report, some of the notorious Mexican drug cartels are increasingly using bitcoin for their illicit operations. Among these organizations are Jalisco New Generation Cartel and Sinaloa Cartel.
Drug Kingpins Turn to Bitcoin
Despite their various merits and numerous proponents, cryptocurrencies have their opponents, too. Those often claim that criminals use bitcoin and the altcoins in illegal activities such as drug trafficking, money laundering, terror financing, and more.
In its most recent report, the United Nations Office on Drugs and Crime (UNODC) revealed that digital assets had become an attractive financial tool for some Mexican and Colombian cartels.
The agency explained how those gangs incorporate crypto in their activities. First, the drug proceeds are split into small payments to avoid controls. Then, the cartels buy small amounts of bitcoin with it, “obscuring the origin of the money and allowing them to pay associates elsewhere in the world.”
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