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The Shadow Dollar That's Fueling the Financial Underworld
An anonymous reader shares a report: A giant unregulated currency is undermining America's fight against arms dealers, sanctions busters and scammers. Almost as much money flowed through its network last year as through Visa cards. And it has recently minted more profit than BlackRock, with a tiny f...
An anonymous reader shares a report: A giant unregulated currency is undermining America's fight against arms dealers, sanctions busters and scammers. In essence, tether is a digital U.S. dollar -- though one privately controlled in the British Virgin Islands by a secretive crew of owners, with its activities largely hidden from governments. Yet in dysfunctional economies such as Argentina and Turkey, beset by hyperinflation and a shortage of hard currency, tether is also a lifeline for people who use it for quotidian payments and as a way to protect their savings.
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