Bitcoins, a digital currency that boasts anonymity, was widely used for illicit narcotics trading on websites like the recently shuttered Silk Road (the underground black market for drugs and contraband). However, mainstream investors and the public have taken notice of the cryptographic currency and many Bitcoin enthusiasts think the association with illegal online e-commerce sites like Silk Road tarnishes the young technology.

After the Department of Justice arrested Silk Road founder, Ross Ulbricht, the value of Bitcoins plummeted. Due to the popularity of Bitcoins among those who desire the freedom and openness of the digital currency, it quickly rebounded and is currently thriving. Bitcoin stakeholders have been meeting with regulators to try to determine which existing laws actually apply to this new currency. The agency has argued that Bitcoins were money, and in August, a federal court agreed. It means Bitcoin is one important step toward being considered a viable currency.

What would happen to Bitcoin if other sites like Silk Road emerged that solely accepted the digital currency? According to Forbes, former Silk Road users suggested in a forum that they would migrate to other smaller but similar anonymous online black markets. Whether these nefarious sites would tarnish the image of Bitcoins and whether or not the digital currency would suffer and rebound once again remains to be seen. CSIP, its members, law enforcement officials and government agencies continue our vigilant effort to combat rogue online pharmacy sites.

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The Center for Safe Internet Pharmacies (CSIP) and our 13 member companies have the shared goal of helping address the growing problem of consumer access to illegitimate pharmaceutical products on the Internet. Continue to read this blog for updates on CSIP’s education, enforcement and information-sharing efforts.