Illicit Gold Trade: Guyana-Origin Gold Sold for Tether in Venezuela

A recent report by the Global Initiative Against Transnational Organized Crime (GI-TOC) highlights the sale of Guyana-origin gold in Venezuela for Tether's USDT. According to NS3.AI, traders have increasingly used the stablecoin over the past year. The report indicates that Venezuela has become a key destination for illegally traded Amazon gold over the last two years, reversing previous smuggling routes. In response to these developments, a U.S. bill currently under review by the Senate Committee on Foreign Relations aims to address illicit gold financing. The report's co-author emphasizes the need for direct attention to cryptocurrency in tackling these issues.