Home News Myanmar shadow government declares stablecoin USDT an official currency

Myanmar shadow government declares stablecoin USDT an official currency

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Myanmar’s shadow administration, the National Unity Government (NUG), led by followers of imprisoned leader Aung San Suu Kyi, has declared Tether (USDT) to be the official currency for local use.

The NUG would take Tether for its ongoing fundraising effort. In order to overthrow Myanmar’s present military state, according to a Bloomberg article. The shadow government also raised $9.5 million by selling “Spring Revolution Special Treasury Bonds” to the Myanmar diaspora worldwide. The consortium hopes to raise $1 billion by selling bonds issued by NUG.

On December 13, the NUG Ministry of Planning, Finance, and Investment published a Facebook announcement on the change.

The NUG’s decision to make Tether an official currency overturns Myanmar’s Central Bank’s crypto ban. Which enacted in May of last year.

Because of worries about privacy and the present regime’s seizure of funds, Tether has been adopted as an official currency for local use. Tether’s establishment is primarily for “domestic usage to make it easier and faster to trade, services, and payment systems”, according to NUG Finance Minister.

The French Senate and the European Parliament recognised NUG as Myanmar’s formal government in October 2021. But the US has yet to do so. The NUG’s decision to accept and use Tether stablecoin could spark international debate. Especially as the US government considers enacting tight stablecoin issuing restrictions.

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