Tue, 11 Feb, 2014 12:24:28 AM FTimes-STT Report, February 11  File picture of Bitcoin Machine. Photo – Str / Lehtikuva. Bitcoin virtual currency is being used to abet narcotic trade in the country, according to police and customs sources.
The role of the digital currency in narcotic trafficking seems to be increasing, said Detective Timo Piiroinen from the National Bureau of Investigation.
Piiroinen claimed that transfers of the money cannot be traced, since Bitcoin technology preserves anonymity.
The issue of use of bitcoin in narcotics trade was also raised during a trial in Haparanda, Sweden.
In the US, there have also been incidents of the use of bitcoin in connection to criminal activities.
Hannu Sinkkonen, the head of customs crime prevention unit said the value of the virtual currency immediately collapsed after US authorities shut down a suspected illegal online market place.
Some countries have banned the use of the virtual currency.
If the virtual currency is banned in the country, it would likely be ineffective since its technology and network was not centrally controlled.
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