Story Highlights:
- According to the US Treasury’s Deputy secretary, Russia is increasingly using USDT in order to circumvent sanctions.
- Tether was the most used stablecoin for illicit activity during the past year.
- These claims about Russia USDT usage come as the CEO of Tether Paolo Ardoino revealed that the $500,000,000 plan for Bitcoin mining projects outlined in November 2023 was almost over. In its most recent report, the US Treasury warned against Russia’s USDT usage for illicit activities. The report claims that Russia has been using stablecoins like tether to circumvent sanctions, and to fund its war machine. Russia USDT Takes the Limelight.
The US Treasury’s Deputy Secretary, stated that Russia has increased its USDT usage to avoid economic sanctions. This report stresses the need for a framework to stop such behavior, as rogue countries, terrorist groups, and international criminal organisations use digital assets. The report also highlights the need to develop an enforcement framework that can stop this kind of behavior as more rogue governments, international criminal organizations and terrorists use digital assets. In the past year, Tether was the most used stablecoin for illicit activities. The decline of illicit cryptocurrency usage is a factor in this. In 2023, illicit USDT transactions reached $19.3billion instead of $24.7billion the previous year. UN Report Reiterates Same Message.
This report echoes a claim made by the UN in a recent statement. Recent UN investigations claim that Tether is being increasingly used in Southeast Asia by money-launderers and scammers. UN Office on Drugs and Crime published a report that highlights the alarming growth of scams. This includes the notorious “Pig Butchering ” strategy, which involves false love connections. The UN Office on Drugs and Crime produced a report that highlights the alarming growth in scams, especially “pig butchering” strategy which involves making false love connections. The UN has warned of the dangers associated with a criminal eco-system while stressing the need for urgent cryptocurrency legislation. Tether’s $500Mln Bitcoin Mining Investment (19659016) The Russia USDT claims come as the CEO of Tether Paolo Ardoino (), revealed that the $500M plan to invest into Bitcoin mining ventures, outlined in November 2023, is about to expire. In an interview conducted by DL News at the fringes Paris Blockchain Week, the CEO of Tether highlighted that the company is focused on constructing renewable energy stations throughout Latin America, including Uruguay, Paraguay and El Salvador.
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