Bitcoin has a reputation of being the preferred means of payment in criminal circles but at the same time the cryptocurrency system allows offenders to be tracked down and get caught fairly easily.
A novel application of Bitcoin has recently been promoted by Norway where prosecutors are demanding that three convicts charged with online and Silk Road drug dealing pay a penalty amounting to the size of their profits by Bitcoin. The measure forces the dealers to cough up about 120 bitcoins (equalling $140,000) on top of 3.1 million in Norwegian Kroner.
The men were arrested in Oslo back in June 2015 on charges of running an online drug distribution network.
The demand for profit repayment in Bitcoin may set a precedent in the Norwegian judicial system and encourage other courts to adopt similar practices. As for Bitcoin, the move goes on to reinforce its growing popularity and hints at getting closer to the virtual currency’s recognition as a mainstream form of payment.