Tether and INHOPE Join Forces to Fight Child Abuse Material Online

Tether is hoping that by collaborating with INHOPE, it will be possible to increase the visibility of bitcoin payments used in content marketplaces that promote child abuse and make it simpler for authorities to handle these types of payments. In addition, Tether hopes that this will make it possible to increase the visibility of bitcoin payments used in content marketplaces that promote child abuse. The operator of the stablecoin will engage with INHOPE, a worldwide network that combats online child sexual abuse material (CSAM), to exchange information, interact with stakeholders, and enforce measures against criminal actors that originate from the cryptocurrency ecosystem. CSAM stands for child sexual abuse material. INHOPE is a global network that works to remove sexually abusive content from the internet that targets children (CSAM).

The chief technical officer of Tether, Paolo Ardoino, said that the business was collaborating with law enforcement agencies, financial intelligence units, legislators, and standard-setting groups from all around the world to develop “appropriate risk-mitigating approaches.” ” We have a particular interest in improving the capacity of businesses that deal in cryptocurrencies to recognise transactions that are related to online CSAM markets and to report payments of this kind to the appropriate authorities. This is something that has been occupying a lot of our thoughts in recent times.

Since the beginning of the organisation in 1999, INHOPE has maintained a communication hotline network that is comprised of nodes located all over the world. This network encompasses not just all of the nations that are affiliated with the European Union but also those of Russia, South Africa, North and South America, Asia, Australia, and New Zealand.

The unlawful use of cryptocurrencies as a means of financing the sale of content depicting child abuse is the goal of the agreement, and its objective is to make an effort to put a stop to this practise. This objective will be achieved via the combined efforts of all of the parties that are a part of the agreement.


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UNICEF calls for child safeguards amid mainstream crypto adoption

The United Nations Children’s Fund has called for incorporating child safeguards into online child protection initiatives, citing financial and exploitative threats posed by unregulated crypto markets.

UNICEF’s “Prospects for children in 2022” report, which examines the impact of global trends on children, anticipates further mainstream adoption of cryptocurrencies — “demonstrating both the promise of greater financial inclusion and the need for new child safeguards.”

Source: UNICEF

The report shows that digital currencies have gained widespread interest in 87 countries by the end of 2021, with the majority of jurisdictions experimenting on their own versions of a central bank digital currency. UNICEF expects a similar growth trajectory in 2022, as the report states:

“A potential alliance between governments, large banks and investment firms against challenger banks and blockchain-based finance could arise in many countries.”

The push for crypto’s mainstream adoption is also fueled by the economic pressures levied by the COVID-19 pandemic. As UNICEF reported, the economic recovery in high-income countries will slow will see an increase this year despite factoring in future disruptions from the pandemic.

Source: UNICEF

UNICEF also expects the collaboration of governments, large banks and investment firms with crypto and blockchain firms:

“These developments will eventually require the emergence of national and international legal and regulatory frameworks. As we wait to see what direction these trends take us in, the implications for children hang in the balance.”

With mainstreaming of cryptocurrencies, UNICEF acknowledges the significant benefits bestowed via financial inclusion and “frictionless remittances and more instant, transparent and efficient social assistance programs.”

However, the United Nations agency warns about the threats posed by unregulated markets to the well-being of children, such as stability of financial systems and deteriorating government revenues. 

Calling out for new child safeguarding reforms, the report also highlights some of the possible negative impacts of unregulated transactions that support child trafficking, sexual exploitation, the sale and purchase of content depicting child abuse, and defrauding and extortion of children. On an end note, UNICEF suggested:

“Now is the time to begin incorporating cryptocurrency and digital currency child safeguards into online child protection initiatives.”

Related: Nations to adopt Bitcoin, crypto users to reach 1B by 2023: Report

A Crypto.com report predicts that global crypto users could reach one billion by the end of 2022. As Cointelegraph reported, the global crypto population increased by 178% in 2021, rising from 106 million in January to 295 million in December.

Source: Crypto.com

Crypto.com’s report estimates that “If we extrapolate a similar rate of increase in 2022, we are on track to reach 1 billion crypto users by the end of 2022.”