Sunday, September 25, 2022

Tether Declines Call from Ukraine to Stop Transacting With its Russian Users

Mykhailo Fedorov, the vice prime minister of Ukraine has on his official Twitter handle on Friday made an appeal to the stablecoin Tether, tagging its CTO, Paolo Ardoino to stop offering its services to Russians. According to the tweet, the Ukrainian official made this plea to ensure that all economic support to Russia is halted and peace restored to the citizens of Ukraine, hence ending the ceaseless war.

The deputy prime minister had previously made the same plea to globally renowned companies like Microsoft, SAP, Oracle, and Xerox amongst others. Some of the companies have responded, condemning the vicious acts of the Russian government and encouraging the Ukrainians.

One of such firms that have responded to the appeal of Mykhailo Fedorov, is SAP, German software company. They issued a press release on Saturday, announcing that they are halting all their services to Russia and Belarus, stating that it has;

“Allocated an initial €1 million in humanitarian support for the people of Ukraine and are working with national Red Cross organizations, the UN Refugee Agency (UNHCR) and other organizations to offer our technology to support their efforts.”

The call on Tether by Fedorov to stop its transactions with Russian users appears to be that the stablecoin stands a chance to be used as a viable means by Russia in the ongoing war to evade international sanctions and still channel funds across borders, in a bid to finance the war.

Tether however, seems to have join the likes of Kraken and Coinbase, crypto firms that have declined to stop their services to Russian users.

While Tether did not directly issue a response to the vice prime minister’s tweet about their stance on the situation of the war, the stablecoin startup issued a statement which reads,

“Tether conducts constant market monitoring to ensure that there are no irregular movements or measures that might be in contravention of international sanctions.”

Amidst other measures deployed by Ukraine to stop the on-going war, Mykhailo, ex technology entrepreneur and prominent cabinet member of President Zelensky, believes that using social media to call out crypto firms like Tether will influence the war positively. According to an earlier report by CryptoMarketsBeat, the vice prime minister has raised over $60 million in crypto funding to help Ukrainians in scaling through this war.

Israel Love
Israel Love is a passionate writer that enjoys educating and inspiring people through his writing. This passion fuels the desire to simplify the complexities in the blockchain ecosystem, by providing viable information about the crypto space in such a way that makes it easy for anyone to understand. Israel love also has interests in Human Resource Management as he is a trained expert in HR.

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