- The UN and Tether Limited are working together to combat rampant crypto crime in Africa, one of the fastest-growing crypto markets.
- The aim is to specifically combat fraud, illegal financial flows and related human trafficking.
The cooperation between the United Nations Office on Drugs and Crime (UNODC) and the company Tether Limited, which was announced on January 9th, is a milestone in the global fight against international organized crime, which is increasingly using cryptocurrencies as tools of crime.
Africa is one of the fastest growing crypto markets, but crypto crime is also growing rapidly. This is where the cooperation between the UNO and Tether comes into play. It plans to introduce crypto-security, fraud prevention and victim assistance programs, with Nigeria, Uganda and Congo at the top of the list.
Why Africa and why Tether?
Africa has the third fastest growing crypto region in the world, while also being a hotspot for scams, fraud networks and exploitation by other types of cybercrime.
The increasing use of USDT, particularly in Nigeria, is the reason for the direct involvement of Tether Limited as a USDT issuer in the fight against stablecoin abuse by criminals.
The cooperation includes four specific projects:
- Cybersecurity training programs be established at universities in Africa and also in Papua New Guinea. The goals are to recognize fraud patterns, the safe use of digital assets and the teaching of blockchain basics.
- Protection programs Victim protection initiatives should be financed for victims of human trafficking and digital exploitation. Local authorities and NGOs should be supported in identifying perpetrators and structures.
- Blockchain‑Analyst is intended to identify illegal financial flows. These money flows should be tracked and connections with fraud, corruption or terrorist financing uncovered so that law enforcement authorities can take action.
- „Strategic Vision for Africa 2030“ The UNODC initiative aims to promote economic resilience, build secure digital infrastructures and improve cooperation between governments, law enforcement and the tech sector.
The program will specifically start in Senegal, Nigeria, Congo, Malawi, Ethiopia, Uganda and Papua New Guinea, although this state is not in Africa but north of Australia.
Importance of the alliance
The cooperation between UNODC and Tether Limited is the largest security policy partnership to date in which a crypto company is directly involved. It shows that stablecoins are not just financial instruments, but can form a global infrastructure that can be used in the fight against crypto-crime.
No Comments