The Shadow Government of Myanmar Names USDT as the Country's Official Currency

The Shadow Government of Myanmar Names USDT as the Country's Official Currency

The National Unity Government of Myanmar (the shadow government of the country) has recently announced that it will start using Tether (USDT) as their official currency, for local use purposes.

Tether is a stablecoin crypto asset. It’s the most popular stablecoin in the world. However, this title doesn’t come controversy-free - there have been concerns that only a small portion of all issued USDT coins are actually backed by US dollars, while the larger number of USDT is simply pegged to the dollar, price-wise.

Nonetheless, the NUG has declared that Tether would be utilized for “domestic use to make it easy and speed up the current trade, services, and payment systems”. In essence, USDT would be used to tackle the currently-existing military regime that’s present within Myanmar.

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The NUG aims to raise capital via bond sales, as well as other campaigns. These campaigns will now be driven and backed by the Tether stablecoin.

It needs to be mentioned that, while the leader of the NUG (Aung San Suu Kyi) is currently jailed within the country, both the European Parliament and the French senate have recognized the National Unity Government as the legitimate government of Myanmar.

The US, however, is yet to react to the matter. On top of that, regulators within the country are currently trying to crack down on stablecoin issuers - thus, this move from the NUG could provoke international debates, and throw stablecoins into the global spotlight.

Aaron S. -  Expert Reviewer

by Aaron S. - Expert Reviewer, BitDegree


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