One of the rapidly-growing Canadian cryptocurrency exchange, Einstein has declared plans to help in fighting the fentanyl epidemic. The exchange is currently blacklisting wallet addresses which previously have been linked with arrests or convictions about fentanyl smuggling by authorities.
Einstein wants to work together with other startups around the world in fighting the international fentanyl epidemic. The Vancouver based exchange is in the process of identifying wallet addresses suspected to have been involved with fentanyl arrests and indictments.
During the Blockchain for Business and Government conference held in Toronto on March 5, 2018, Christine Duhaime, Einstein’s chief anti-money laundering officer, said that the exchange would collaborate with other crypto firms to help in drawing up a list of all the suspected wallets.
Duhaime expounded saying that the end objective is to stop the fentanyl drug dealers from using cryptocurrency as a means of payment in their activities and bar all the other users from sending digital coins to such wallet addresses.
This announcement comes after a lot of reports have spread about cryptocurrencies being used to enhance the illegal drug industry. On January 25, this year, ICE Homeland Security’s deputy assistant director told the United States of America Senate about actions being taken to combat the fentanyl epidemic.
He informed the Senate what it entailed in identifying, analyzing and investigating the entire payment systems facilitating purchases and smuggling of fentanyl. This is necessary to enable complete interruption and dismantlement of networks system responsible for smuggling fentanyl as well as other illicit opioids into the U.S. Additionally; he highlighted how he suspected that bitcoin and other digital currencies based on blockchain technology were being used.
Duhaime said at the conference that the blacklist of suspected wallet addresses would be a way for Einstein exchange to give to society. Vancouver has been rated first in Canada when it comes to drug overdose-related deaths.
Fentanyl is a synthetic drug which is about fifty times stronger than heroin and had caused the death of 922 individuals in Vancouver in 2017.
Logically, any unlawful activity regardless of the currency used should always be curbed as fast as possible. These past allegations, though, are suggestive of positive development and promises a brighter and drug-free future for cryptocurrencies on the whole world.