Countries that prohibit the use of cryptocurrency as a means of domestic payment
Some countries like Indonesia, Russia, and Turkey have imposed bans on the use of cryptocurrency in domestic payment transactions. Nevertheless, legal experts believe that these countries have not clearly enacted bans on using cryptocurrencies for consumption abroad. This creates an ambiguous legal space, opening opportunities for cross-border payment methods using cryptocurrency.
Cross-border payments – New opportunities for tourism and commerce
A typical example is Tripzy, a travel company in Georgia, which has started accepting payments in Tether (USDT). This helps expand payment freedom for tourists from countries that restrict the use of cryptocurrency domestically. This form of transaction not only increases flexibility for users but also promotes the development of the cryptocurrency ecosystem globally.
Risks and concerns from global regulatory authorities
Although cross-border transactions using stablecoins do not violate domestic laws, global regulators, particularly anti-money laundering forces like the FATF, are increasingly paying attention to the rise of these transactions. The risk of stablecoins being exploited for money laundering, terrorist financing, or other illegal activities is a major concern, leading to proposals for tighter monitoring and regulation.
Conclusion
The global cryptocurrency market is witnessing diverse developments in usage and trading forms. Cross-border payment methods using stablecoins like USDT open many opportunities for consumers and businesses, especially in the context of domestic prohibitions. However, legal risks and controls from international institutions remain points to consider, requiring careful consideration from all parties involved in the cryptocurrency ecosystem.
Source: https://tintucbitcoin.com/quyen-su-dung-tien-dien-tu-quoc-te/
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