Crypto usage is on the increase as the drug trade also digitalizes and cryptocurrencies are having a hard time to keep their name clean. The speculation about the inherent value and being a payment method of choice for criminals is also making the job even harder as we are about to read in the coming altcoin news below.
One of the most common accusations is that cryptocurrencies are used in the selling of illicit drugs and the United States Treasury Secretary Steven Mhuchin explained. The impact that cryptocurrencies have on illegal drug sales is a long topic to be discussed and analysts wonder if we should always blame them or just cash. The US is taking decisive action against illicit drugs selling and they aim to stop the purchasing drugs with cryptocurrency all the way back in 2013 when the FBI agents rushed into the San Francisco Public Library to arrest Ross Ulbricht who played a central role in the digitalization of the international drug trade.
Operating under the pseudonym ‘’Dread Pirate Roberts’’, Ulbricht was the person behind the Silk Road which is basically an online, darknet marketplace which lets the users buy and sell anything legal or not. The site did also list weapons, stolen credit cards but also drugs as the most common listing. The Silk Road pioneered with the use of Tor which was the network software used to access the darknet and Bitcoin was the tool to buy and sell and the tool to hide the seller or the buyer’s identities. The US agents hoped that the seizure of the Silk Road will decrease the darkent activity but according to DeepDotWeb the bust was the ‘’best advertising that the darknet markets could have hoped for.’’ This year, the darknet markets are still in the high of selling illicit drugs that can be purchased with cryptocurrency but the US law enforcement is taking a hardline approach by arresting people for selling drugs on the darknet in exchange for Bitcoin which shows that crypto usage is on the increase again.
The recent events confirm the firm policy that the US government has and less than two weeks ago the Department of Treasury added a few crypto addresses to its Specially Designated Nationals list under the Foreign Narcotics Kingpin Designation Act as we read in the latest cryptocurrency news.
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"There's billions of dollars of unclaimed royalties out there," Parson said. "The blockchain can help millions of artists claim what is rightfully theirs."For those of you who don't know Ditto Music from the blockchain news, the company has paid out $100 million in royalties last year and now claims that a roster of 250,000 artists are behind it - including big names such as Ed Sheeran, Sam Smith and Royal Blood. Bluebox is designed to split royalty payments for a recording's lifetime and track the plays accurately on the system.Parsons argued that a solution like this creates more transparency and more detailed reporting, two of which are crucial features as to why Ditto Music is launching an app of this kind. As such, both of which should reap higher collection rates from digital services.Ditto claimed to promote “higher collection rates [while] massively reducing the loss of earnings currently experienced by artists.”“Aside from the billions of dollars in unclaimed royalties that Bluebox will be tackling, the Bluebox app will let creators lock in their split payments at the point of creation and get paid separately and accurately for each use of that song. It’s going to revolutionise payments across the music industry and help the millions of artists claim what is rightfully theirs,” the CEO and founder of Ditto Music Lee Parsons concluded.
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Iran’s Government Grants More Than 1000 Crypto Mining Licenses
“The Ministry of Industry, Mine and Trade has issued more than 1,000 licenses for cryptocurrency mining in the country.”Additionally, he also noted that the cryptocurrency mining industry has the potential to generate another $8.5 billion to the economy of the Islamic Republic of Iran, according to a certain new government study. But there are certain obstacles in achieving the goal, with the biggest being the high electricity costs that are facing miners in the country. As is wildly known a lot of computing power and electricity is needed for cryptocurrency mining. This is a huge obstacle and challenge for crypto miners in the Islamic Republic of Iran because only big firms can have the luxury to work, while smaller enterprises are forced to close.
“High electricity tariffs plus stringent regulations have made the sector less appealing for small investors.”Besides this the official from the ICT Guild Organization, Amir Hossein Saeedj Naeini noted that more discussions will be held in order favorable conditions are found for the cryptocurrency mining industry.
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