Ukraine minister calls on Tether to bar Russians from using its stablecoin | Crypto Craft

  • Ukraine minister calls on Tether to bar Russians from using its stablecoin

    From theblockcrypto.com

    Ukraine's minister of digital transformation has asked Tether to stop doing business with Russian citizens in a Twitter post aimed at the stablecoin operator's high-profile CTO, Paolo Ardoino. tweet It's not clear how Tether would in practice stop Russians from using its stablecoin. Ardoino didn't immediately respond to a message from The Block seeking comment. Since Russia's invasion last month, Ukraine's government has been ramping up pressure on businesses to cease operations in Russia. Companies from PayPal to Goldman Sachs have taken steps to quit the country, although the response from most crypto-related ... (full story)

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cryptocow
Mar 11, 2022 6:51pm
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This is one of the many risks of most of the current stablecoins.

"The Block suggests that Tether is unique and that other coins like USDC and Gemini do not have the ability to control transactions. However, past news stories suggest otherwise. Centre froze $100,000 worth of USDC in July 2020. Reports dating back to 2018 suggest that Paxos and Gemini have backdoors that allow each company to freeze transactions. Meanwhile, the ability to freeze tokens is a key feature of TrueUSD." [1]

[1] https://cryptobriefing.com/tether-ca...roy-your-usdt/
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