Tether is a cryptocurrency that uses the Bitcoin blockchain for financial transactions and is tied to fiat currencies, in particular the US dollar, euro and Japanese yen. For each currency, there is a token identical to its index, but with the suffix "T": USDT, BTC. The company Tether Limited issues tokens, assuring that each of them is backed by a real reserve in the accounts - one million tokens in circulation are strictly equal to one million units of fiat currency in the company's accounts.
The Tether cryptocurrency itself is built on the basis of the open source protocol Omni Layer, which interacts with the blockchain and ensures the issuance and redemption of cryptocurrency tokens based on bitcoin. Users can transfer issued tokens, buy any other cryptocurrency for them, or simply store them in any Omni Layer-enabled wallet. It should be noted that tokens are issued only in the amount equivalent to which was received on the company's account. Accordingly, the token disappears from circulation in exactly the same way.
There is no formal organization and no central bank account. Neither close, nor open. There are only millions and millions of simple participants willing to help each other financially.
There are no special registrations, permission and licenses; Permissions and licenses are not required for money transfer from one person to another! :-))
There is no contract or legal authority; you don't need that to send money to someone, do you?
Thus, participation in DucatsBit is not against any laws, because there are only money transfers between private persons.
It is important to underline that activities in DucatsBit are clearly spelled out. Everyone is informed about the possibilities and impossibilities from the very beginning.
Participants simply help each other, sending each other money directly. Note that you can provide help and not get help back. Always remember about this and participate only with Spare Money or do not participate at all! Amen. :-))