Fentanyl issue became an international epidemic: 66% percent of overdose deaths in the US hold the drug accountable, while in Canada it is responsible for 922 overdose deaths in a year. Fentanyl is a synthetic drug that is 50 times stronger than heroin. Canada based virtual currency exchange Einstein proposes to form an alliance with other startups to establish a watch and maintain a blacklist of the digital wallets that are indicted in dealing with fentanyl and similar activity.
We would do a blacklist of wallets as our giveback [to society].
Chief anti-money-laundering officer, Einstein
The initiative is supposed to start in Canada and the US with the perspective of making a global blacklist. Although a success of this enterprise would certainly improve the cryptocurrency overall reputation, Canadian law in particular sees a risk of violating the privacy by enacting such legislation. The idea of compiling a blacklist technically feasible because in most cases fentanyl dealers are not that bright to apply sophisticated anti-tracing methods such as changing wallets or tumbling coins.
Cryptocurrencies need government regulation to deter price manipulation and related wrongs, but the absence of of such regulation is one of the biggest reasons that investors buy into cryptocurrencies in the first place.
But unfortunately Einstein is too tiny of a player to tackle this issue solely on its own.