Friday, December 3

Colombia and Honduras join forces to combat crimes with cryptocurrencies

Key facts:
  • Prosecutors from both countries will use new technologies to counteract the advance of drug trafficking

  • They observe greater use of cryptocurrencies in the commission of crimes in Colombia, Honduras, Mexico and the United States.

Francisco Barbosa, the attorney general of Colombia, observes an increase in the number of crimes in which cryptocurrency technology is used. This includes the drug trafficking industry in Latin America, which -as he points out- expands to Honduras, Panama, Mexico and the United States, among other countries.

The ad He did so in an interview with the Proceso Digital news agency on November 10. After a meeting in the city of Tegucigalpa with his counterpart from Honduras, Oscar Fernando Chinchilla, communicated the union of the countries to combat crimes with cryptocurrencies.

The Colombian prosecutor explained that organized crime is taking advantage of cryptocurrencies to commit cybercrime –Crimes via the internet–. He precisely indicated that these digital assets are used to launder money from drug trafficking and migrants. Therefore, these are the two main axes on which they will focus to fight.

Drug trafficking uses cryptocurrencies as money laundering from Mexico and the United States

The official considers that eOrganized crime works with the latest technologies, for which the prosecution must do the same to combat it. Explain that security forces must work together using strategies designed to mitigate cybercrime networks.

It also points out that drug trafficking groups use technology to have international reach. He details that in Colombia there are large drug plantations, such as cocaine, which they expand to Central America, Mexico and the United States. Recently, a case of narco money laundering with bitcoin that also involved Peru and Bolivia was stopped.

In turn, the trafficking of illegal migrants from Panama that Colombia fights is often related to the drug trafficking industry. It expresses that leaders of these criminal groups use people in need to transport drugs to the United States, which can then be paid for with cryptocurrencies to launder the money.

Organized crime uses technologies such as cryptocurrencies to operate, says Colombia’s attorney general Francisco Barbosa. Source: @ImpactWorld /

Recently, Colombia’s drug trafficking problem was satirized in a digital artwork. As reported by CriptoNoticias, the artist Camilo Restepo launched a non-fungible token (NFT) for sale in the form of cocaine to ironically play the drug trade in the country.

In any case, the Colombian attorney general does not present figures or statistics on drug trafficking cases that use cryptocurrencies. In that sense, it is worth remembering a report from the World Interbank Financial Telecommunications (SWIFT), reviewed by CriptoNoticias, which indicates that the number of money laundering operations in digital currencies it is small compared to those using traditional fiat money methods.

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