Crypto news

Top manager of Bitfinex considers USDT a tool of freedom

A technical director at cryptocurrency exchange Bitfinex and Tether called the USDT staplecoin an instrument of freedom and a way to use bitcoin in real life.

In an interview with Cointelegraph reporters, Paolo Ardoino said that he spoke at the Oslo Freedom Forum about the use of staplecoin for freedom. He recalled that Tether had been adopted by Myanmar’s shadow government as an official currency.

“Tether has become one of the tools resorted to by countries in crisis with devalued national currencies and their citizens wanting to preserve their savings in the face of crazy inflation. Bitcoin is great, but they need long-term price stability. Bitcoin is good for many applications, but not everyone understands it,” Ardoino noted.

He also recalled that in countries such as Turkey and Argentina, where national currencies are falling fast, cryptocurrencies have been the solution for many to keep their savings.

The Bitfinex CTO also didn’t forget about El Salvador, where bitcoin has been recognized as legal tender. He compared El Salvador to Lugano, where BTC and USDT are actually accepted for payments as part of a special test:

“Bitcoin suits everybody. You see people in a poor country using bitcoin as a basic financial infrastructure. On the other hand, in a rich country with the most banks in the world, people still need bitcoin.”

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