{"id":9842,"date":"2024-01-16T14:28:13","date_gmt":"2024-01-16T12:28:13","guid":{"rendered":"https:\/\/forklog.com\/en\/tether-responds-to-un-experts-allegations\/"},"modified":"2024-01-16T14:28:13","modified_gmt":"2024-01-16T12:28:13","slug":"tether-responds-to-un-experts-allegations","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/tether-responds-to-un-experts-allegations\/","title":{"rendered":"Tether Responds to UN Experts&#8217; Allegations"},"content":{"rendered":"<p>Tether has expressed disappointment with the UN&#8217;s assessment of the use of the USDT stablecoin in illegal activities and the disregard for the asset&#8217;s role in emerging economies.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Tether Challenges UN Report and Calls for Blockchain Education<\/p>\n<p>Read more \u2b07\ufe0f<a href=\"https:\/\/t.co\/RM474wIiqo\">https:\/\/t.co\/RM474wIiqo<\/a><\/p>\n<p>\u2014 Tether (@Tether_to) <a href=\"https:\/\/twitter.com\/Tether_to\/status\/1746951246806655422?ref_src=twsrc%5Etfw\">January 15, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Earlier, the UN Office on Drugs and Crime <a href=\"https:\/\/forklog.com\/en\/news\/un-highlights-usdts-role-in-money-laundering-schemes\">noted in a report<\/a> that the &#8220;stablecoin&#8221; is increasingly used in romance scams and &#8220;pig butchering&#8221; schemes, as well as in the black market of online casinos in Southeast Asia.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Organized crime has effectively created a parallel banking system using new technologies, and the spread of weakly or completely unregulated online casinos along with cryptocurrency has strengthened the criminal ecosystem in the region,&#8221; stated representatives of the international organization.<\/p>\n<\/blockquote>\n<p>Tether pointed out that UN experts completely overlooked the company&#8217;s cooperation with authorities and law enforcement worldwide. According to the USDT issuer, it provides &#8220;unprecedented monitoring, surpassing traditional banking systems.&#8221;<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Tether tokens, using public blockchains, allow for meticulous tracking of every transaction, making them an impractical choice for illegal activity,&#8221; the company representatives emphasized.<\/p>\n<\/blockquote>\n<p>They highlighted that in recent months alone, the firm has blocked over $300 million in USDT. This demonstrates Tether&#8217;s commitment to combating the illegal use of cryptocurrencies, the firm stressed.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Instead of focusing solely on risks, the UN should also discuss how centralized stablecoins can support efforts to combat financial crimes,&#8221; the statement said.<\/p>\n<\/blockquote>\n<p>Tether believes that the organization&#8217;s specialists need a deeper understanding of blockchain technology and expressed readiness to support the organization in this direction.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;We also invite the UN to engage in a joint dialogue, echoing successful cooperation with dozens of global law enforcement agencies, including the US Department of Justice and <span data-descr=\"United States Secret Service\" class=\"old_tooltip\">USSS<\/span>. Tether continues to promote transparency and accountability in the digital currency sphere,&#8221; the company stated.<\/p>\n<\/blockquote>\n<p>Tether specialists also noted the role of the stablecoin in supporting the financial systems of developing economies. According to them, for traditional structures, this simply appears economically unfeasible.<\/p>\n<p>Back in December 2023, the company announced the start of a new policy to freeze wallets whose owners are under <span data-descr=\"Office of Foreign Assets Control of the US Department of the Treasury\" class=\"old_tooltip\">OFAC<\/span> sanctions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tether has expressed disappointment with the UN&#8217;s assessment of the use of the USDT stablecoin in illegal activities and the disregard for the asset&#8217;s role in emerging economies. Tether Challenges UN Report and Calls for Blockchain Education Read more \u2b07\ufe0fhttps:\/\/t.co\/RM474wIiqo \u2014 Tether (@Tether_to) January 15, 2024 Earlier, the UN Office on Drugs and Crime noted [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9841,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1154,1245,1247],"class_list":["post-9842","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-crimes","tag-tether-usdt","tag-united-nations"],"aioseo_notices":[],"amp_enabled":true,"views":"45","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/9842","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=9842"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/9842\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/9841"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=9842"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=9842"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=9842"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}