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Stablecoins and National Security | Former CFTC Chair Timothy Massad
Bankless
Usage of Stablecoins for Sanctions Evasion
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Stablecoins are being used by entities like Hamas and Russian smugglers as a means to evade sanctions by transacting on decentralized blockchains without going through traditional banking channels. The issue lies in the off-ramp conversion where perpetrators can avoid detection if transactions are not converted back to fiat currency through compliant platforms or banks. The growing crypto universe poses a risk as not all jurisdictions enforce anti-money laundering laws effectively. Establishing a regulatory framework is crucial to prevent illicit activities and ensure compliance within the stablecoin ecosystem.
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