In a tense geopolitical context, crypto finds itself at the heart of a major controversy. Russian companies are accused of using Tether (USDT) to evade sanctions imposed by the United Kingdom and the United States. This phenomenon raises crucial questions about the regulation of virtual currencies and their potential for exploitation for illicit purposes.
Russian companies are using crypto to circumvent sanctions!
According to a recent report, two large Russian companies are using crypto, and particularly Tether (USDT), to settle cross-border transactions with China. And this, in a context where sanctions are intensifying. This strategy would allow them to circumvent international financial restrictions and maintain their business activities despite economic isolation.
Tether and its parity with the USD offer attractive stability for players seeking to avoid currency fluctuations. However, its use in this context reveals a flaw in the global financial system! The ability of crypto to operate outside of control mechanisms traditional.
The United States is on the attack!
The United States Department of the Treasury recently sanctioned thirteen entities and two individuals for their role in evading sanctions through crypto asset services and technology acquisition. These measures aim to prevent sanctioned Russian financial institutions from reconnecting to the global financial system.
The current situation highlights the potential of crypto to be used for sanctions evasion activities. This prompted US authorities to call for strengthened supervision and regulation of the cryptocurrency sector. Proposed reforms include secondary sanctions. But also, expanded authority and measures to address the risks associated with offshore cryptos.
The use of Tether by Russian companies to circumvent UK and US sanctions highlights the need for stricter crypto regulation. As the debate over the regulation of virtual currencies continues to rage, governments and financial institutions must work together to close loopholes and ensure the integrity of the international financial system.
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