Justin Sun, founder of Tron, a smart contracts-enabled blockchain, has announced that his team is developing a gas-free transaction solution for stablecoins. This means that stablecoin movement fees will be free for the users, with issuers having the opportunity to pay for these. The service is expected to be operational by Q4 and will be […]
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Meta Launches Awards to Drive AI Innovation in Developing Regions
Meta launched the Meta Llama Impact Innovation Awards to support organizations in developing regions that use Meta’s advanced AI models, Llama 2 and 3, to solve local problems in education, environment, and other areas. The AI models are recognized for their enhanced reasoning capabilities and potential to drive economic and social opportunities. Grants of up […]
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Putin Says BRICS Developing Independent Payment System Free From Political Pressure
Russian President Vladimir Putin recently announced that the BRICS bloc aims to establish an independent payment system, free from political pressure and external interference. Putin stated that the addition of new members has increased BRICS’ share of global GDP to 36% and its share of the global population to 45%. Putin Announces BRICS Open to […]
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Developing Countries Need Decentralized Physical Infrastructure Networks – Karam Lakshman
Karam Lakshman, CEO of Wifi Dabba, asserts that a country like India, which is the world’s fifth-largest economy, needs enhanced connectivity and innovation. He suggests that Decentralized Physical Infrastructure Networks could be the solution for the country, which currently trails other major economies in fixed broadband connectivity. Using Blockchain to Establish Transparent Networks Lakshman supports […]
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Developing Several Layer-2 Solutions: ‘The Real Solution’ to Ethereum’s Scalability Issue, Says Ken Timsit
The recent surge in Ethereum gas fees can be attributed to the rise in decentralized finance (defi) activity and the growing popularity of layer 2 (L2) chains such as Arbitrum and Optimism, Ken Timsit, managing director of Cronos Labs, has said. Timsit however agreed that the recent Dencun upgrade to the Ethereum network has helped […]
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Real-World Assets Platform Gluwa Considers Developing Liberia’s CBDC
The real-world assets platform, Gluwa, is exploring the potential to assist in the development and launch of Liberia’s central bank digital currency. To increase the likelihood of the digital currency’s success, Gluwa is also considering the launch of a satellite-based internet service. Making the Digital Currency Compatible with Liberia’s Mobile Money System Gluwa, a real-world […]
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Developing a Keyless Crypto Wallet Utilizing Biometrics – KeychainX CEO Robert Rhodin
KeychainX AG, a Swiss-based crypto recovery company, has been assisting people in accessing their lost crypto since 2017. The company also holds patents around the world for a keyless crypto wallet that utilizes biometrics, such as fingerprints or even DNA. Robert Rhodin is the CEO of KeychainX. He recently joined the Bitcoin.com News Podcast to […]
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Tether to Collaborate With Uzbekistan on Developing Crypto Infrastructure Projects
Tether, one of the largest stablecoin companies, announced a collaboration with the government of Uzbekistan to develop cryptocurrency and communication projects. The memorandum of understanding (MoU) signed between the parties encompasses issuing a comprehensive crypto legal framework, developing an independent comms and financial system, and establishing crypto-related educational programs. Tether Signs Memorandum of Understanding With […]
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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 0 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.
Russian Finance Minister Talks Dollar Attack on Russia, Importance of Developing Alternatives for Settlements
Russian Finance Minister Anton Siluanov has given his opinion on the perceived attack the Russian economy has been receiving from the U.S. dollar, and how the country has moved to keep trade going. Siluanov also remarked on the importance of developing settlements in national currencies.
Russian Finance Minister Anton Siluanov: ‘The Dollar Has Challenged Russia’
Anton Siluanov, the Russian finance minister, has referred to Russia’s situation after having most of its means for dollar-based exchange blocked. Siluanov noted that Russia was forced to find alternatives to the dollar due to the economic sanctions enacted by the U.S. government, due to the country’s involvement in the Russia-Ukraine conflict.
In an interview with CGTV, Siluanov stated:
We are not challenging the dollar, the dollar has challenged Russia, so we are looking for reliable alternative settlement mechanisms between our exporters and importers so that it is convenient, reliable and beneficial for participants in the foreign economic activity of our countries.
Russia has turned to using national currencies in bilateral settlements with some countries like China and Iran. In May, Russian Prime Minister Mikhail Mishustin stated that 70% of Russia-China settlements were conducted using national currencies.
Hadi Tizhoush Taban, the head of the Iran-Russia Joint Chamber of Commerce, reported more than 60% of bilateral trade was settled using the Russian ruble and the Iranian rial.
Debt Situation and Importance of De-Dollarizing
Siluanov analyzed the recent bipartisan deal signed into law by U.S. President Joe Biden to suspend the country’s debt ceiling, and how the U.S. national debt situation derived from “poor economic policies.” He explained:
The situation with the default is not new. The U.S. is unlikely to allow a default, because it prints money and would print as much as it needs. The issue is political regulation and whether the deficit and debt can go beyond certain thresholds.
The U.S. national debt is currently calculated at around .4 trillion, with Japan and China holding a significant amount. According to Siluanov, the instability of the internal economic situation of the U.S. is one of the reasons for supporting the development of settlements in national currencies and the de-dollarization of trade markets.
On this, Siluanov argued:
We don’t know how these countries will behave in the future, what inflation will be like, how much money they will print, and whether they will reach debt-ceiling agreements or not.
What do you think about Russian Finance Minister Siluanov’s statements? Tell us in the comment section below.