Bitcoins Used to Pay For Illicit Drugs in Sweden

(IBT) Popular virtual currency Bitcoin was used to pay for illegal drug transactions in Sweden, as the currency’s anonymity and lack of regulation become major concerns for authorities across the globe.

The Swedish Daily News reported that bitcoins were used by drug dealers in at least six transactions in Sweden last year. The offenders completed most of the deals on the internet, according to the newspaper.

In December, four people were convicted of smuggling drugs in Haparanda city of Sweden. A large amount of bitcoins was found in the computer of the main suspect, involving about 100 transactions.