Skip to main content

Tether Criticizes UN Report for Ignoring USDT’s Role in Helping Developing Economies

Tether, the issuer of the stablecoin USDT, has blasted the findings of a United Nations Office on Drugs and Crime study which ignore the stablecoin’s “role in helping developing economies in emerging markets.” According to Tether, the stablecoin’s use of public blockchains means every transaction is trackable, making it “an impractical choice for illicit activities.”

Developing Economies Neglected by the Global Financial World

Tether, the issuer of the stablecoin USDT, has criticized the United Nations Office on Drugs and Crime (UNODC) study for singling out the stablecoin’s use in illicit activities. Tether argues that the UNODC report ignores the stablecoin’s “role in helping developing economies in emerging markets.” According to the stablecoin issuer, the global financial world often neglects these markets because “servicing such communities would be unprofitable.”

In its statement on Jan. 15, Tether rebuffed the UNODC assessment of USDT, stating that its collaboration with global enforcement agencies ensures “unparalleled monitoring” of the tokens. The use of public blockchains makes every tether transaction trackable thus making USDT “an impractical choice for illicit activities.”

As reported by Bitcoin.com News, the UNODC’s study also found USDT at the heart of many pig butchering scams. Jeremy Douglas, the UNODC’s regional representative for Southeast Asia, asserts that criminals use the stablecoin because they are aware that crypto-related regulations “are way behind illicit activity.”

Tether, however, counters the study’s findings by pointing to the freeze of tokens worth over $300 million in the past few months. For Tether, this act is proof of its commitment to eradicating the criminal use of cryptocurrencies. Meanwhile, the stablecoin issuer said it takes issue with what it sees as the UNODC’s bias against USDT.

“The UN’s analysis ignores the traceability of Tether tokens and the proven record Tether has of collaborating with law enforcement. Rather than focusing solely on risks the UN should also discuss how centralized stablecoins can improve anti-financial crime efforts,” the stablecoin issuer said.

Tether also urged the UNODC to consider working with the industry because doing so will help it “understand and execute modern strategies to fight financial crime.” Instead of attacking the stablecoin, the UNODC should instead consider engaging in a collaborative dialogue with the stablecoin issuer, Tether added.

What are your thoughts on UNODC’s findings against USDT? Let us know what you think in the comments section below.



from Bitcoin News https://ift.tt/ZfQOrc8
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m...
10 comments
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli...
Post a Comment
Read more

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought...
Post a Comment
Read more