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Learning & News => News related to Crypto => Topic started by: sirty143 on January 19, 2024, 05:57:56 AM

Title: Tether Criticizes UN Report for Ignoring USDT’s Role in Helping Developing Econo
Post by: sirty143 on January 19, 2024, 05:57:56 AM
Tether Criticizes UN Report for Ignoring USDT’s Role in Helping Developing Economies

(https://i.imgur.com/I4j8y1km.jpg)

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... See more for yourself here (https://news.bitcoin.com/tether-criticizes-un-report-for-ignoring-usdts-role-in-helping-developing-economies/).

Your opinion is greatly appreciated.
Title: Re: Tether Criticizes UN Report for Ignoring USDT’s Role in Helping Developing Econo
Post by: ABCbits on January 20, 2024, 01:16:00 PM
I agree with Tether here. Aside from what they said, USDT is centralized, doesn't have any privacy feature and AFAIK no real/legit USDT mixer exist. And skimming the report itself[1], it's true USDT very frequently mentioned. I also have doubt those illegal casino primarily use USDT rather than paper money or different cryptocurrency.

[1] https://www.unodc.org/roseap/uploads/documents/Publications/2024/Casino_Underground_Banking_Report_2024.pdf (https://www.unodc.org/roseap/uploads/documents/Publications/2024/Casino_Underground_Banking_Report_2024.pdf)
Title: Re: Tether Criticizes UN Report for Ignoring USDT’s Role in Helping Developing Econo
Post by: Faisal2202 on January 20, 2024, 04:48:33 PM
Quote
The use of public blockchains makes every tether transaction trackable thus making USDT “an impractical choice for illicit activities.”
I mean really! They are using this fact of blockchain to defend themselves from their usage in illicit activities. I am not saying they are not used in illicit activities nor saying they are not. I mean, Gary the Genlsar is after BTC, and many other SEC officials are too, and they have only one thing to say, BTC is being used in Illicit activities and that's the sole purpose of BTC. Yeah, that's what Gary said in his last statements. And if in the rarest scenario, UNODC considers working with Tether then I don't think there remains any reason for Gary to talk rubbish about BTC.

As these cryptocurrencies are also assets, money, that can be used in bad ways, just like silver and gold, and paper currency. The only thing that hurts them (UNODC and SEC) is, they can't control these technologies, but might make them centralized.
Title: Re: Tether Criticizes UN Report for Ignoring USDT’s Role in Helping Developing Econo
Post by: ABCbits on January 21, 2024, 09:53:10 AM
Quote from: Faisal2202 on January 20, 2024, 04:48:33 PM
As these cryptocurrencies are also assets, money, that can be used in bad ways, just like silver and gold, and paper currency. The only thing that hurts them (UNODC and SEC) is, they can't control these technologies, but might make them centralized.

Which is weird since Tether have control USDT and USDT is build on top on many cryptocurrency, where of them aren't decentralized.
Title: Re: Tether Criticizes UN Report for Ignoring USDT’s Role in Helping Developing Econo
Post by: joniboini on January 22, 2024, 02:03:59 AM
They seem to acknowledge Tether's involvement in solving money laundering or cybercrime issues by freezing people's accounts[1]. Still, they seem to want more control over how people access or use USDT. I'm not sure what kind of regulation they are looking to build, it sounds like they want to make any casino or other business do some strict KYC regardless of the amount of money being transacted. But won't that encourage people to flock to non-KYC platforms instead? Not to mention any crypto service that requires KYC has a terrible history of data leaks.

[1] https://news.bitcoin.com/usdt-at-the-heart-of-pig-butchering-scams-says-the-un/
Title: Re: Tether Criticizes UN Report for Ignoring USDT’s Role in Helping Developing Econo
Post by: yhiaali3 on January 22, 2024, 03:47:10 AM
The criticisms of Tether are spot on, yes everyone in Crypto knows that Tether is centralized and fully subject to government regulations regarding anti-drugs, money laundering and terrorism.

USDT is always talked about as being centralized, with a violation of privacy and the possibility of freezing the balance of users based on government orders, which makes it an absolutely unfavorable option by those working in crypto.

These characteristics of Tether make it closer to government money than to cryptocurrencies, so yes I agree with their criticism of the UN report. >:(
Title: Re: Tether Criticizes UN Report for Ignoring USDT’s Role in Helping Developing Econo
Post by: Yamane_Keto on January 22, 2024, 05:00:29 AM
Tether has been looking for public relations companies in an attempt to improve its reputation, and as long as they decide to do so, I do not rule out that they will soon freeze any coins that may be suspected of coming from unknown sources, such as the drug trade or organized crime.


Decentralized services are not greatly affected by these claims. For years, Bitcoin was linked to the black market, and now it is traded in highly regulated markets.