Child pornography is gaining more and more momentum on the web. Tether, which is a major cryptocurrency provider, wants to find methods to combat this scourge that violates the dignity of toddlers. Check out the action of Tether.
How does Tether want to fight against child pornography?
To ensure respect for the dignity of children, Tether wishes to increase the visibility and reduce the controls of crypto payments intended for the child pornography content markets. To do this, this cryptocurrency giant wants to open a collaboration with INHOPE. It is a global network against online child sexual exploitation material (CSAM).
This agreement is for the sharing of information. Better collaboration between stakeholders and an imposition of actions on bad actors in the field of crypto. The main goal is to develop a standard practice to identify and report these underground practices.
Tether’s chief technology officer also pointed out that the company works with financial intelligence units. But also with legislators, standards bodies and law enforcement agencies globally. This will greatly help to mitigate the risks. It is important to remember that since 1999, INHOPE has had a network of communication hotlines in several countries around the world.
A desire to limit the illegal use of cryptocurrencies for child pornography
Tether goes to great lengths to disrupt the illicit use of cryptos for financing the exchange of child pornography. According to Samantha Woolfe, head of global partnerships at INHOPE, these illegal marketplaces use all available payment technologies.
This is why it is important to ensure a strong collaboration between the structures of the public and private sectors. A report by Chainalysis in 2020 tracked $930,000 in Bitcoin (BTC) payments to addresses linked to CSAM investors during 2019.
Tether therefore wants to answer the call of UNICEF. The organization had requested real regulatory oversight of the crypto markets at the beginning of 2022. The objective is to fight against the use of these cryptocurrencies to facilitate transactions within the child pornography market.
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