The U.S. House of Representatives Committee on Financial Services proposed a bill carrying out a study on how virtual currencies and online marketplaces are used in sex and drugs trafficking.
If the bill passes and is signed into law, the Comptroller General of the United States will have one year to provide the Committee on Banking, Housing, and Urban Affairs and the Committee on Financial Services with a study and recommendations on possible regulations.
This past February the Microsoft (NASDAQ: MSFT) co-founder Bill Gates has blasted cryptocurrencies for causing “direct deaths” as a result of the illicit drug industry. "Right now crypto currencies are used for buying fentanyl and other drugs so it is a rare technology that has caused deaths in a fairly direct way."
Earlier in the year a FOSTA-SESTA law was passed, aimed at restricting of any adult related advertisement in online forums. But now the eye is turning towards the use of the crypto technology in the adult industry.
This April, adult website Pornhub and the Verge Coin (XVG) teamed up to allow payments in cryptocurrencies for watching videos on the service. Playboy TV and Penthouse are also working on a partnerships with the Vice Industry Token (VIT) - a cryptocurrency that is rewarding adult video viewers and actors. Recently the token has sponsored a “First annual Pornhub Games”, providing the awards to the best actresses in Vit’s tokens.
By Nadya Astam