Tether vs Venezuela

We have already discussed Tether’s intention to cooperate with the US authorities on compliance with sanctions requirements. That cooperation is taking shape now. I will say at once: I do not discuss the fairness of the sanctions imposed; I do not have any sympathy of the absolute majority of sanctioned characters. Now there is a question about the influence of someone on the crypto business. 

A long-standing problem has now emerged: the US has imposed sanctions on Venezuela’s oil and gas exports. Venezuela has announced that it will evade sanctions with cryptocurrencies and, above all, with the USDT. Perhaps Venezuelan officials did not read the press and therefore did not know about Tether’s statement about cooperation with American authorities. Tether, in full compliance with the previous statement, announced the blocking of all wallets related to attempts to evade American sanctions.

Once again, the regime in Venezuela can never attract the sympathy of a libertarian. But it causes rejection.

However, let me give you an analogy: every person, even the most terrible criminal, has the right to a lawyer. This is an inalienable right. The same right should be the right of ownership, including the right to own crypto-wallets. This was the logic of Satoshi Nakamoto’s first "original" blockchain.

Cryptocurrencies can stimulate transformation of the "fiat" economy. However, if you simply replace the fiat with crypto, keeping the functionality, and replacing only the technological base, the transformation will not happen, all the negative will remain.

Nakamoto’s blockchain has a different ideology. One of the foundations of this ideology is independence and the impossibility of blocking. Once a blockchain becomes dependent on the states or corporations, it simply becomes a regular fiat surrogate.

In many ways, the efforts of the "financial" lobby and states are aimed precisely at gaining control over cryptocurrencies. It was not possible to do this with Bitcoin, but with Tether. 

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