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

Tether • March 11, 2022, 12:50PM EST
UPDATED: March 11, 2022, 2:02PM EST
Partner offers
The Block may may earn a commission if you use our partner offers, at no extra cost to you.

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. 

It's not clear how Tether would in practice stop Russians from using its stablecoin. When asked to comment, Tether told The Block, "Tether conducts constant market monitoring to ensure that there are no irregular movements or measures that might be in contravention of international sanctions."

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 companies has been more reticent.

AUTHOR

Andrew Rummer profile picture Andrew Rummer

Andrew Rummer is executive editor for The Block Pro, based in London. He was previously managing editor at Bloomberg News and led special projects at Finimize. He has a degree in engineering from the University of Oxford. Follow him on Twitter at @AJRummer.

See More
Connect on

AUTHOR

Yogita Khatri profile picture Yogita Khatri

Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

See More
Connect on

WHO WE ARE

The Block is a news provider that strives to be the first and final word on digital assets news, research, and data.

+ Follow us on Google News
Connect with the block on

More by Andrew Rummer

More by Yogita Khatri